Band Protocol value has emerged as a shining mild in a tough time for cryptocurrencies. The BAND coin jumped to a excessive of $2.84, which was about 115% above the bottom stage this week. It has risen by over 30% prior to now 24 hours, in keeping with information compiled by Binance.
Why is BAND value rising?
Band Protocol is a blockchain mission that gives oracle companies to builders. An oracle is a product that makes it potential for builders to tug off-chain information and convey it to the on-chain ecosystem.
For instance, assume that you’re constructing a decentralized sports activities betting platform. You will have exterior information on video games in your platform. Now, as a substitute of getting the off-chain information your self, you’ll flip to an oracle supplier and use API to include it simply.
Band largely supplies value feeds on cryptocurrencies. These feeds are then frequent in DeFi platforms like Injective Protocol and Synthetix. It additionally supplies datasets on overseas alternate and commodities.
Band Protocol operates in a extremely aggressive trade, the place Chainlink dominates. Different main gamers within the sector are WINKLink and Maker. Chainlink has the most important market share within the trade by far.
It’s unclear why the BAND value has jumped sharply amid a crypto turmoil. A possible motive is that the builders are engaged on the upcoming BandChain V2.4 launch. The brand new improve will introduce new options in its ecosystem.
Band Protocol has eliminated FTX from information sources because the scenario began to unfold. We proceed to watch the scenario carefully and guarantee adequate sources to combination and report value information.
— Band Protocol (@BandProtocol) November 10, 2022
For instance, it should change how gasoline is calculated in its ecosystem in a bid to make it cheaper for information suppliers. It can additionally scale back any dangers to modifications of the Wasm code, and enhance throughput by at the very least ten occasions. In different phrases, will probably be in a position to scale back the time taken to run the identical job from the worst-case state of affairs of 0.4 seconds to 0.03 seconds.
Band Protocol value forecast
The four-hour chart reveals that the BAND value has made a powerful restoration prior to now two days. On this interval, it has managed to maneuver above the 25-day and 50-day shifting averages. The Stochastic Oscillator has moved near the overbought stage. On the identical time, the Relative Energy Index (RSI) has moved near the overbought space.
BAND appears to be forming a bullish flag sample. Due to this fact, there’s a probability that it’s going to proceed rising in the course of the weekend as consumers goal the important thing resistance stage at $3.3.