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Bitcoin (BTC) has risen from the major support it has held over the past few days, rising to $29,000, providing new bullish prospects for the cryptocurrency. Some altcoins seem poised to make the right move as BTC’s price rises 6% over the past 24 hours and new concerns hit the banking sector soaring cryptocurrencies. It looks like
Band Protocol (BAND) and NEM (XEM) are currently green, but what about the near-term price outlook?
The Band Protocol network upgrade is scheduled for April 27th, 2023 and will see a surge in native BAND tokens. Major exchanges, including Binance, are set to support the upgrade, and the community is thrilled. But what is the price outlook for BAND?
BAND/USD recently dropped from the rising parallel channel on the daily timeframe and reached support near $1.65. Today’s double-digit gain (his BAND price is up 16% at the time of writing) sees the coin trading above both the 50-day and 200-day exponential moving averages.
While the upward momentum is likely to push the band protocol price higher, the key resistance zone is at the psychological level of $2.0. A bullish performance in the next few days could lead buyers to target his $2.8.
On the downside, if the price fails to sustain above $1.8, sellers could target $1.33.
Band protocol price chart. sauce: TradingView
The XEM cryptocurrency has been largely flat since falling from its high of $0.77 reached in March 2021. After a correction to a low of $0.028 in December 2022, XEM/USD he climbed to $0.056 in February 2023.
On April 26, 2023, the cryptocurrency retested the $0.028 support level again.
The coin is currently trading near $0.04, up about 4% over the past 24 hours. However, XEM has remained negative for his week and the last 30 days, dropping 11% and 5% respectively on these timeframes.
XEM price outlook on the daily chart. sauce: TradingView
A bearish crossover precedes a drop to multi-month lows, and buyers need to reclaim $0.04 to extend today’s rally. Also, his daily RSI below the 50 line does not suggest much joy for the bulls and a drop to $0.033 and then $0.028 could be a short-term scenario. is higher.
