Reserve Rights (RSR) and Band Protocol (BAND) Technical Analysis: What’s Next?

June 1, 2021      Dalmas Ngetich

BAND and Reserve Rights were top performers on the last trading day. While BAND/USDT bulls target $11, RSR/USDT buyers are capped at $0.04.

Band Protocol (BAND)

The Band Protocol cross-chain oracle service provider is one of the most popular, using BAND as its utility currency.

Past Performance of BAND

The token is under pressure but steadying on the last few trading days, as BAND/USDT technical analysis reveals.

BAND prices are up roughly 23 percent against the USD on the last trading, posting minor gains versus ETH.

Meanwhile, the token’s trading volumes are up 6.7X to $190 million, pointing to demand.

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Day-Ahead and What to Expect

The path of the least resistance from a Top-Down approach is northwards.

BAND prices fell by over 80 percent after peaking but are now stable within a $6 zone. Caps are at $11 and $5, respectively.

However, BAND prices are below the middle BB and within the May 19 bear bar.

BAND/USDT Technical Analysis

Band Protocol Daily Price Chart for June 1

Overly, the DeFi market is recovering.

The immediate support—and bear target stands at $5.

On the upside, the primary resistance level and buy trigger are at $11. Sharp gains, building on May 31 bulls may see BAND/USDT lift-off to $11.

A close above this mark could trigger another wave of demand, driving prices to $20.

However, if BAND prices slide, unwinding progress of last week, bears may quash demand as BAND craters to $5 in a sell trend continuation of May 19.

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Reserve Rights (RSR)

The dual-stablecoin platform is live on Ethereum and xDAI. RSR governance token serves to stabilize RSV stablecoins.

Past Performance of RSR

From the daily chart, RSR is bottoming up, soaking sell pressure, and stemming the hemorrhage of the past few days. In all, RSR is up 20 percent on the last day and 17 percent week-to-date versus the greenback on the back of rising trading volumes.

Day-Ahead and What to Expect

RSR technical analysis indicates strength.

Despite bullish attempts, RSR prices are under pressure from a top-down analysis. For instance, gains of the last five months were unwound as RSR bears forced liquidation.

Besides, RSR prices are still trending inside May 19 bear bar with relatively low trading volumes.

RSR/USDT Technical Analysis

Reserve Rights Daily Price Chart for June 1

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There are attempts of higher high.

However, bears are in control. If RSR/USDT breaks above $0.04, confirming bulls of May 31, RSR prices may expand to $0.06.

On the flip side, an unexpected contraction below $0.02 may force a sell-off towards $0.015 in confirmation of H2 May 2021 liquidation.

#BAND #Band Protocol #BAND/USDT #DeFi #Reserve Rights #RSR #RSR/USDT
Dalmas Ngetich
Dalmas Ngetich

Dalmas has been passionate about the blockchain and crypto space ever since he’s heard about it. As someone who’s been closely following the trends in the crypto space, Dalmas is excited about what lies ahead in this niche and is all set to explore it. While he’s been advocating crypto adoption for a number of years, he’s himself a HODLer, which makes his voice authoritative and credible.