The Band Protocol and Serum prices are printing lower lows as visible from the daily chart. Notably, BAND/USDT is at 2021 primary support, rebounding from $5. Meanwhile, SRM/USDT may crater to $1.5.
Deploying the delegated Proof-of-Stake (dPOS) in combination with their BandChain Byzantine fault Tolerance (BFT), the Oracle service provider stands out. Its native currency is BAND.
The crypto market draw-down isn't sparing BAND. The token remains under pressure, printing lower lows against the USD.
At the time of writing, BAND is in red, down eight percent as trading volumes shrink.
Overly, the primary trend is bearish even with bullish attempts of mid in this week.
From the daily chart, there is a double-bar bullish reversal pattern with clear support at $5.
At spot rates, BAND bears have completely reversed gains of the first half of 2021.
Sellers are in charge and trading at this year's lows.
If BAND bears are persistent, a close below $5 and 2021lows may break the determination of bulls.
In that case, the first bear target lies at Q4 2020 lows of around $3.5. However, the downtrend will be null if BAND prices rise above $6.5 and June 21 highs.
The cross-chain Solana-based DEX allows the trustless swapping of tokens cheaply in a scalable environment.
SRM prices are free-falling, as visible in the daily chart. Notably, SRM bulls are struggling to counter bears of June 21 and are now tracking the lower BB.
Subsequently, few traders are confident, ramping dips.
At the time of writing, SRM is down eight percent, a situation worsened by shrinking participation.
Immediate resistance is the middle BB and June 21 highs. On the lower end, SRM may find support at this week's lows of around $2.
If this level falls, SRM/USDT could crumble to $1.5.
Being optimistic, gains above $4 could shift the fortune for Serum bulls.
Serum bear bars are banding along the lower BB, signaling weakness.
As such, traders may find unloading points on pullbacks and even speed up their selling if SRM/USDT drops below $2.
In the short term, SRM bears can target $1.5.
On the positive end, gains above $4 and the middle BB marks the end of the bear run.