THELOGICALINDIAN - An atomic amount assemblage Tuesday pushed the BAND amount up by as abundant as 31 percent
The answer badge accustomed an intraday aerial at $4.336 as traders approved assurance adjoin a antidotal Bitcoin market. Nevertheless, it bootless to authority the bounded top for a continued time, arch to a downside alteration appear $3.831.
The attempt appeared as Bitcoin recovered allotment of its intraday losses, illustrating an authentic abrogating alternation with the altcoin. Earlier this month, the BAND’s supersonic amount assemblage from about $1 to $5.259 had additionally coincided with Bitcoin’s collapsed activity central the $9,100-$9,300 range.
The adjacency larboard the arch cryptocurrency as a concise indicator to admeasurement BAND’s abutting amount moves. It somewhat puts the altcoin beneath risks of a added bearish correction.
Bitcoin Rally Continuation
Bitcoin jumped aloft $10,500 beforehand this week, a akin it had bootless to aperture for about a year. Eventually, the cryptocurrency accustomed a year-to-date aerial aloof shy of $11,500, additionally as bids for safe-haven assets rose amidst expectations of a new bang and the Federal Reserve’s two-day action affair on absorption rates.
Observers declared that the US axial coffer would best acceptable accumulate its benchmark ante banausic abreast zero. If they do, again investors would added acceptable about-face their basic from lower-yield Treasury bonds to riskier assets such as stocks, gold, and alike bitcoin.
On the added hand, the US Republicans proposed to inject addition $1 abundance into the US abridgement to aid bodies and businesses afflicted by the beginning COVID-induced lockdowns. That additionally created added downside burden on the US dollar, which is already trading abreast its two-year low.
The admiring macro fundamentals activity Bitcoin as a bigger asset to hold. But the cryptocurrency’s contempo history of falling beneath $10,000 every time aloft a retest alert traders to accumulate one bottom in the DeFi tokens. That explains the BAND amount assemblage on Tuesday.
What’s Next for BAND
On a YTD timeframe, BAND is still up by added than 1,500 percent. Its circadian Relative Strength Indicator yet shows it in a aloof ambit – which agency it has allowance to abound further.
Band Protocol is growing stronger by the hour. Four blooming candles in a row a move in AltRank™ from 172 to 5 out of 1,816. #altrank looks at accretion amusing action amount achievement vs #bitcoin ascent trading volume.https://t.co/GfeTf8wI2r #bandprotocol $band pic.twitter.com/m0gDWlak27
— LunarCRUSH Amusing Listening for Cryptocurrencies (@LunarCRUSH) July 28, 2020
As usual, profit-taking sentiment, accompanying with bullish macro narratives for Bitcoin, may absolute the BAND’s amount growth. But a alteration in the Bitcoin bazaar could deathwatch the BAND bulls, who may attack a retest appear its best high.
