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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Will Band Protocol’s Over 30% Correction Lead To A Blow Off Top?

Tony "The Bull" Severino
Tony "The Bull" Severino
4 years ago
3 mins read
band protocol crypto altcoin chainlink

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A new breakout cryptocurrency all-star following in the footsteps of Chainlink has been on an insane over 380% rally over the last three weeks alone. But what goes up, must come down, and the over 30% correction in Band protocol may result in a blow of top. Here’s why.

Decentralized Oracle Hype Sends Leading Crypto Altcoins Soaring

The cryptocurrency market is a speculative asset class where valuations are driven by hype. Supply and demand come into play, but with crypto, irrational exuberance or extreme fear far outweigh normal market dynamics.

When assets are trending, they often perform a lot better than most investors would expect. Take Bitcoin for example. The asset has grown from virtually worthless from where it is today.

Related Reading | Be Wary Searching For The Next Altcoin Rockstar Warns Crypto Advisor

Even those that believed in it early on likely never expected the asset to go parabolic and rise to as high as it did during the peak crypto bubble.

The same recently happened with Chainlink, when the asset broke past its all-time high and entered price discovery mode. But as signs of a blow-off top in Chainlink formed, profits flowed out of the decentralized oracle solution and into another.

BANDUSDT

BANDUSDT Daily 30% Correction | Source: TradingView

The FOMO from one altcoin to another has fueled an over 380% rise in just three weeks in Band protocol, but an over 30% correction could be a sign the rally is over.

Blow-Off Top On Band Protocol Possible If Fractal Confirms Several Indicator Sell Signals

Let’s be real – few crypto investors are truly in it for the tech. However, investors in Chainlink pouring profits into Band protocol could be a sign they’re truly enamored with the decentralized oracle technology.

Chainlink recently was recognized by the World Economic Forum for its tech, and the new competitor has been giving Chainlink a run for its fiat inflow.

BANDUSDT grew by over 380% since the start of July, but a 30% correction has begun over the last 48 hours. While a 30% correction is nothing compared to the 380% positive return, in parabolic assets once that parabola breaks, they typically fall over 80% or more.

Bitcoin crashed by 84% after its parabolic run ended with a blow-off top. Chainlink recently had a blow-off top, and now it could be Band protocol’s turn.

bandusdt 3d

BANDUSDT 3D TD Sequential Countdown | Source: TradingView

On 3-day timeframes, BANDUSDT is on a 12 count and about to trigger a 13 sell setup on the TD Sequential Countdown. The asset is also trading inside a large ascending wedge – a bearish chart pattern.

Zooming in further on daily timeframes, a fractal may be forming that previously resulted in an over 70% decline in the asset on the USDT trading pair.

bandusdt daily

BANDUSDT Daily 70% Retracement Fractal | Source: TradingView

Technical analysis indicators give more credence to the theory of a significant pullback being possible. A large bearish divergence has formed on the Stochastic oscillator.

Related Reading | What’s Behind Band Protocol’s Spectacular One-Month 300% Pump?

Both Stoch and the Relative Strength Index have reached the most overbought levels in the asset’s price history. The MACD, or moving average convergence divergence indicator, is also showing the largest divergence yet. As the two moving averages diverge, it signals an asset is overbought. The larger the divergence, the more overbought the asset.

BANDUSDT Daily Stochastic, Relative Strength Index, & MACD | Source: TradingView

If the MACD moving averages turn downward and crossover, a bearish breakdown is possible.

Several signals are now pointing to extended downside in Band protocol. But much like Chainlink has done, any sell signals have been shaken off, and short positions were used to squeeze prices higher and higher. Will the same happen for Band?

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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