Monday, December 4, 2023

Band Protocol (BAND) and NEM (XEM) value prediction as Bitcoin bounces to $29k

  • Band Protocol (BAND) value was up 16% to $1.90 as main exchanges together with Binance introduced assist for its community improve.
  • The uptick in cryptocurrency costs, with Bitcoin (BTC) value bouncing to $29,000, additionally noticed NEM (XEM) value rise 4% to $0.04.
  • The value prediction for BAND and XEM is for a continued bullish flip, though consumers want to carry vital assist ranges.

Bitcoin (BTC) flipped greater from key assist that has held over the previous few days, with the bump to $29,000 offering a contemporary bullish outlook for the cryptocurrency. With BTC value 6% up prior to now 24 hours and crypto bouncing as new considerations hit the banking sector, a couple of altcoins look primed to make some respectable strikes.

Band Protocol (BAND) and NEM (XEM) are inexperienced right now, however what’s their brief time period value outlook?

Band Protocol value prediction: BAND bullish above vital assist degree

The Band Protocol community improve is approaching 27 April 2023 and the native BAND token is surging. Main exchanges, together with Binance are set to assist the improve, and that has the group excited. However what’s the BAND value outlook? 

BAND/USD lately broke down from a rising parallel channel on the day by day time-frame to hit assist round $1.65. At the moment’s double digit positive factors (BAND value is up 16% on the time of writing) has the coin buying and selling above each the 50-day and 200-day exponential transferring averages.

Whereas the upside momentum is more likely to push the worth of Band Protocol greater, the important thing resistance zone is on the $2.0 psychological degree. A bullish efficiency over the following few days may see consumers goal $2.8.

On the draw back, failure to consolidate positive factors above the $1.8 degree may go away sellers eyeing $1.33.

Band Protocol value chart. Supply: TradingView

NEM value prediction: can XEM break greater this time?

The XEM cryptocurrency has largely plateaued since its descent from highs of $0.77 reached in March 2021. Having corrected to lows of $0.028 in December 2022, XEM/USD flipped optimistic to hit $0.056 in February 2023.

The cryptocurrency retested the $0.028 assist degree once more right now, 26 April 2023. However bulls are battling to recoup positive factors amid the general crypto bounce.

The coin at present trades close to $0.04, with about 4% upside prior to now 24 hours. However XEM stays detrimental on the week and prior to now 30 days, buying and selling 11% and 5% down respectively over these time frames.

XEM value outlook on the day by day chart. Supply: TradingView

A bearish crossover preceded the dip to the multi-month low and consumers must reclaim $0.04 to increase right now’s upside. Additionally, the day by day RSI beneath the 50 line doesn’t counsel a lot pleasure for bulls and a possible downward break to $0.033 after which $0.028 is a extra probably brief time period situation.

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