Band Protocol (CRYPTO: BAND) is currently flashing strong bullishness when looking at the technical analysis. Over the past few days we have a bullish stochastics crossover and now the MACD is following suit. Band’s MACD has seen a few false crossovers lately, but moving averages across the board continue to flash “buy” signals. When considering the full moving average and oscillator summary, Band Protocol’s daily chart is flashing 16 “buy” signals, nine “neutrals,” and one “sell,” as of March 18, 2021.
Band Protocol has been a strong performer recently and over the past year. On a year-to-date basis, Band has surges over 163% and nearly 747% over the past year. The cryptocurrency’s price has slipped nearly 2% over the past week, yet is still up over 16% the past month. On February 12, 2021, Band hit a new all-time price of just under $19. As of this writing, Band trades at $14.10.
What is the Band Protocol?
Band Protocol is a cross-chain data oracle system that is able to take real-world information and provide it to on-chain applications, while also linking APIs to smart-contracts to promote the exchange of information between on-chain and off-chain information resources.
By providing reliable, verifiable real-world data to blockchains, Band opens a range of new usage instances for developers to check out– since they can currently use any kind of type of real-world data as part of their decentralized application (DApp) reasoning, including sports, climate, arbitrary numbers, rate feed data as well as more.
Band was first introduced as an ERC-20 token on the Ethereum blockchain in September 2019, however transitioned to the Cosmos network in June 2020 with the launch of Band Protocol 2.0. The brand-new procedure is improved BandChain utilizing the Cosmos SDK. Oracle nodes on BandChain not just relay data yet are also involved in block production & validation, giving them a dual purpose.
BAND is the token of the Band Protocol environment and also is made use of as a form of security by validators involved in fulfilling information demands, as well as the major medium of exchange on BandChain– being used to spending for personal information.
Band Market Cap and Supply
As of this writing, Band Protocol has a market cap of $290.30 million USD and a fully diluted market cap of $1.41 billion USD. Band was launched as an initial exchange offering (IEO) on the Binance Launchpad during September 2019. BAND’s supply is capped at 100 million tokens. As of November 2020, there were around 20.49 million tokens in circulation, representing roughly 20% of its capped supply. Experts estimate that Band won’t hit its fully supply capacity until 2025.
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