• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
band bandusd crypto altcoin

This Chainlink Competitor Could Soon Drop After 50% Rally

Tony "The Bull" by Tony "The Bull"
3 years ago
in Cryptocurrency news, Technical analysis
Reading Time: 3 mins read
Advertisement

Following in the flaming hot footsteps of Chainlink, its closest competitor, fellow decentralized oracle solution Band Protocol had an incredible few month rally. The asset shot up to set a new all-time high, rising several hundred percent along the way.

But after such a powerful and rapid rise, an elastic band effect could send the superstar altcoin snapping back toward a lower low, now that a lower high as been set on daily timeframes.

Band Protocol Readies Reversal According To TD Sequential, Lower High May Mark Top

For as hot as the Ethereum-based DeFi tokens have been, they couldn’t hold a candle next to decentralized oracles Chainlink and Band Protocol. These two top crypto market performers easily bested all other altcoins even during the most profitable alt season in years.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

These crypto token’s gains made Bitcoin and Ethereum look meager by comparison. Band led the list of top ROI across all Coinbase coins in the month of August alone. Across the board, all tokens listed on the platform gained over 50% during the month.

Related Reading | Chainlink Monthly Finish Flashes Grand Finale Sell Signals

But as soon as the September monthly candle opened, the crypto market turned into a sea of red, starting with a collapse in Bitcoin. The distinct drop in top crypto assets like Bitcoin, Ethereum, and XRP dealt a blow to the rest of the space.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

The total crypto market cap is still up over 80% year to date, but gains are at risk of further reduction if sell signals ranging across nearly all crypto assets have anything to say about it.

One of those ominous sell signals has appeared on both USDT and BTC trading pairs against the once-booming altcoin. The TD Sequential indicator has triggered a 9 sell setup on daily timeframes across both pairs. The USDT chart below also shows a clear uptrend that may have ended with the first lower high.

By definition, an uptrend is a series of higher highs and higher lows. An uptrend is only over, once the asset fails to put in a higher high or higher low. This doesn’t necessarily mean a downtrend will follow, but at the very least consolidation could result.

Coinciding with the TD 9 sell setup, the asset has been trading within a rising wedge chart pattern – a bearish reversal pattern.

band protocol bandusd bollinger bands

BANDUSDT Daily TD Sequential 9 Sell Setup And Lower High | Source: TradingView

Elastic Effect Could Send Altcoin Cryptocurrency Crashing

Further showing what sort of snapback type impact the cryptocurrency could see in the days ahead, the Bollinger Bands are also giving a tell that a reversal could follow.

Related Reading | Five Signs Bitcoin Dominance Has Bottomed: Are Altcoins Headed To Zero?

According to the technical analysis indicator created by John Bollinger, a close back within the upper BB can cause an elastic-like effect that sends the asset tumbling back down to the lower BB.

band protocol bandusd bollinger bands

BANDUSDT Daily Bollinger Bands | Source: TradingView

This only happens when the breakout outside of the Bollinger Bands fails to hold. In prior examples, a breakout outside the upper BB led to what’s called “riding the bands.” This trading strategy should be taken only with a close outside either BB, coinciding with at least a 3x rise in normal trading volume. The surge in volume confirms the breakout.

Volume can also be yet another tool to spot reversals in assets. Note how at the local high, a red volume candle marked the peak, and volume has been declining since.

Tags: altcoinbandbandusdbandusdtcrypto
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Tony "The Bull"

Tony "The Bull"

Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check him out on Twitter or in his free TonyTradesBTC Telegram channel. Follow @TonyTheBull on Twitter and search CoinChartist on YouTube.

Related Posts

LUNC burn

New Proposal Wants To Burn All Coins In LUNC Oracle Pool, Will This Help The Price?

7 mins ago
Cardano

Cardano Has To Trade Above This Level To Breach The $0.40 Mark

2 hours ago
Litecoin Surges 13% In Last 24 Hours, Flips Shiba Inu In Market Cap

Litecoin Surges 13% In Last 24 Hours, Flips Shiba Inu In Market Cap

3 hours ago
Tron And HT Plummets

Tron (TRX), Huobi Token (HT) Plummet Nearly 10% In A Day, Here’s Why

5 hours ago
Relocation into the virtual Silicon Valley San Crypto: pros and cons, potential metrics

Relocation into the virtual Silicon Valley San Crypto: pros and cons, potential metrics

6 hours ago
Bitcoin

Bitcoin Back Above $27,600 As US Banking Crisis Is Far From Over

9 hours ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Polygon Partners With Stripe, How Could This Impact Orbeon Protocol And Binance?

March 23, 2023

Why Toncoin (TON) and Cronos (CRO) Holders are Acquiring More Collateral Network (COLT)

March 23, 2023

TMS Network (TMSN) Presale Success Stirs Markets While Experts Advise To Be Cautious With Conflux (CFX) And Ravencoin (RVN)

March 23, 2023

Solana (SOL) Price Prediction; TMS Network ICO (TMSN) And Avalanche (AVAX) Shines

March 23, 2023

Cryptocurrencies To Get Before April 2023 Ends: Conflux (CFX), yearn.finance (YFI) and TMS Network (TMSN)

March 23, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.