Band Protocol was an early winner in the DeFi craze, posting huge gains through August dependent on a blend of buzz for oracle tokens, integration news, and trade listings.
This allowed it to surge from the reduced-$2.00 location to highs of $18.00 – marking a significant rise that came about early on in the course of the ongoing DeFi bull marketplace.
Even though the cryptocurrency’s momentum has due to the fact stalled, analysts are now noting that it may perhaps be nicely-positioned to see appreciably additional upside in the in the vicinity of-term.
There are a assortment of variables that aid this notion, such as a recently introduced partnership with Tron, as effectively as mounting specialized strength.
The confluence of these various components has led one particular top analyst to go very long on the crypto, noting that he expects it to established refreshing highs in the in close proximity to-expression.
Band Protocol Displays Signs of Energy as Analysts Eye Upside
At the time of crafting, Band Protocol is buying and selling down just more than 4% at its latest price tag of $14.77.
Although it declined this morning along with the rest of the crypto market place, it has been showing signs of toughness all through the past couple of times.
Yesterday, BAND’s price tag was in a position to surge as substantial as $17.50, practically location clean all-time highs as the aggregated marketplace flashed some indications of strength.
This is all-around the point at which Bitcoin missing its momentum and dived from $12,100 to lows of $11,000. From here it bounced a little and has been buying and selling sideways ever since.
Analyst: BAND Outlook Grows Vibrant Following Tron Integration
The newest noteworthy integration that the Band Protocol’s oracle network has acquired is from the Tron blockchain, which will be making use of BAND’s details streams for their decentralized application community.
This integration was declared in a new tweet:
“[Tron] has strategically partnered and correctly integrated Band Protocol into TRON, 1 of the premier blockchain platforms, to give scalable and protected BAND oracles for an ecosystem with pretty much 1000 decentralized programs.”
This news, coupled with mounting technical toughness, has led one particular top analyst to flip long on Band Protocol, noting that he nonetheless expects it to set contemporary highs in the in close proximity to-expression.
“BAND is breaking out of the past sizeable resistance in its selling price history. 3 factors I consider this begins building new highs: • [Justin Sun] announcement yesterday • technical breakout these days • relative worth to Link helps make it a wonderful way to enjoy oracles,” he stated.
Picture Courtesy of Luke Martin. Chart through TradingView.
Whether or not or not BAND traits better in the close to-phrase may well rely on if Bitcoin and the other key altcoins can continue supplying tailwinds to the mid-cap digital belongings.
Featured image from Unsplash.
Charts from TradingView.