Band Protocol was an early winner within the DeFi craze, posting huge good points all through August based mostly on a mix of hype for oracle tokens, integration information, and change listings.
This allowed it to surge from the lower-$2.00 area to highs of $18.00 – marking an enormous rise that happened early on in the middle of the continuing DeFi bull market.
Although the cryptocurrency’s momentum has since stalled, analysts at the moment are noting that it could be well-positioned to see considerably additional upside within the near-term.
There are a wide range of elements that assist this notion, together with a just lately introduced partnership with Tron, in addition to mounting technical power.
The confluence of those numerous elements has led one high analyst to go lengthy on the crypto, noting that he expects it to set recent highs within the near-term.
Band Protocol Shows Signs of Strength as Analysts Eye Upside
At the time of writing, Band Protocol is buying and selling down simply over 4% at its present worth of $14.77.
Although it declined this morning alongside the remainder of the crypto market, it has been displaying indicators of power all through the previous few days.
Yesterday, BAND’s worth was capable of surge as excessive as $17.50, practically setting recent all-time highs because the aggregated market flashed some indicators of power.
This is across the level at which Bitcoin misplaced its momentum and dived from $12,100 to lows of $11,000. From right here it bounced barely and has been buying and selling sideways ever since.
Analyst: BAND Outlook Grows Bright Following Tron Integration
The newest noteworthy integration that the Band Protocol’s oracle community has obtained is from the Tron blockchain, which will probably be utilizing BAND’s information streams for his or her decentralized software community.
This integration was introduced in a current tweet:
“[Tron] has strategically partnered and efficiently built-in Band Protocol into TRON, one of many largest blockchain platforms, to supply scalable and safe BAND oracles for an ecosystem with virtually 1000 decentralized purposes.”
This information, coupled with mounting technical power, has led one high analyst to flip lengthy on Band Protocol, noting that he nonetheless expects it to set recent highs within the near-term.
“BAND is breaking out of the final vital resistance in its worth historical past. Three causes I feel this begins making new highs: • [Justin Sun] announcement yesterday • technical breakout right now • relative worth to LINK makes it a pleasant method to play oracles,” he defined.
Image Courtesy of Luke Martin. Chart by way of TradingView.
Whether or not BAND tendencies larger within the near-term might rely upon if Bitcoin and the opposite main altcoins can proceed offering tailwinds to the mid-cap digital property.
Featured picture from Unsplash.
Charts from TradingView.