Today we hit the 0.5 level and now we're trekking towards the 0.618 Fibonacci level putting us at around $12.25 for our next target. We also hit a daily on the as well indicating we may be positioned for a strong breakout within the next week or two.
Band Protocol only has a market capitalization of around 230 million dollars while Chainlink's is around 8.9 billion dollars. As being the second biggest leader in the oracle space Band Protocol will be poised for a lot of growth this year especially as the use case for oracles continues to accelerate. Oracles allow ways for a blockchains and smart contracts to interact with external data.
Oracles will be an essential part of the evolution of cryptocurrencies and growth of Decentralized Finance (DeFi). Band Protocol is the second biggest Oracle , still well under a 1 billion dollar market capitalization, and has a Coinbase listing. Keep Band Protocol on your radar for 2021.
Current Support Level: $9.00
Current Resistance Level: $11.80
Cheers! Much peace and love!