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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Laws Of Parabola Suggest Surging BAND Crypto At Risk Of Deep Correction

Tony "The Bull" Severino
Tony "The Bull" Severino
4 years ago
3 mins read
band crypto altcoin parabola bandusd bandbtc

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Band protocol may be following in Chainlink’s fiery footsteps, rising nearly 9000% in the last few months. The crypto altcoin has gone fully parabolic, which has rewarded early investors handsomely.

However, when parabolic advances break down, they often correct by 80% or more. Is the altcoin headed towards a deep correction, or will the asset simply keep on climbing?

Top Crypto Asset Go Parabolic, Past Data Suggests Risk Of Correction Increases By The Day

What goes up, must come down. The bigger they are, the harder they fall. So many idioms created just to reference that anything growing beyond acceptable boundaries eventually gets cut back down to size.

That’s exactly what happens when financial assets go on enormous rallies. No matter the asset, even the strongest uptrends eventually top and reverse, leading to a correction.

Related Reading | Peter Brandt Calls For 80%+ Bitcoin Price Decline Over A Year Ago With Chilling Accuracy

How deep a correction goes is largely dependant on the asset itself, and its price history leading up to the top. If the asset experienced a long, slow, and steady climb, then any pullbacks will likely be short-lived and healthy.

If the rally was explosive and fast, well, the correction is likely to be just as violent, if not more so. The same thing happened with Bitcoin after the 2017 top at $20,000. The first-ever cryptocurrency dropped by over 80% to its bottom at $3,200.

The same math adds up on nearly every other asset to break its parabolic advance. That’s why Band protocol, is at risk of a deep correction once a reversal begins and parabolic breaks.

BAND USD Parabola BANDUSD Parabolic Curve | Source: TradingView

Bearish BAND Protocol Signals Back Up Coming Correction Concept

The BANDUSD price chart shows the asset going on an insane, over 9000% rally over the last 6 months. It has been following closely along behind Chainlink, another competing decentralized oracle project.

Both assets have been on an unstoppable climb, even though nearly every sell signal is stacked against the assets. When Band’s parabolic advance does break down, it could send the crypto altcoin to a target of roughly $4.

BANDUSD Daily Ascending Wedge, RSI, and MACD | Source: TradingView

Coinciding with the parabolic curve, nearly every technical analysis indicator is showing heavily overbought conditions. A massive, ascending wedge on the daily also forewarns of the deep drop that may soon follow once the asset tops.

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

On weekly timeframes, BAND is trading within an even larger ascending wedge, and indicators show a similar story in terms of overbought conditions.

BANDUSD Weekly Ascending Wedge, RSI, and MACD | Source: TradingView

But as Chainlink has shown, the top may be a lot higher than anyone ever expects. These two altcoins are in full price discovery mode, allowing them to run with little resistance above.

Any top will coincide with major players taking profit, not due to a resistance level the asset must flip to support, as none exists above.

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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.

Read more

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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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