Band Protocol price has tilted upwards as the decentralized finance (DeFi) industry rebounds. Its token, BAND, rose to a excessive of $1.7180, which was about 45% above the bottom stage in 2022. Its complete market cap has risen to over $71 million, making it the 345th largest coin on this planet.
Why is Band Protocol rising?
Band Protocol is a blockchain undertaking that operates within the good oracle industry. It is usually utilized by builders who’re constructing decentralized finance protocols.
Like Chainlink, it’s used to supply knowledge within the off-chain market to the on-chain. For instance, a builder creating an app to commerce shares can use Band to get this knowledge in a simple approach.
Band Protocol is used extensively. For instance, it’s used to supply off-chain cryptocurrency knowledge to platforms like Loopring, Kyber Network, and Cream Finance. Other platforms that use Band Protocol are Homora, Injective, and dForce amongst others.
Band Protocol is the fifth oracle supplier within the industry. Chainlink is the largest participant within the sector adopted by Maker, WinkLink, and Pyth. Other notable gamers within the oracle industry are TWAP, Internal, DIA, and Flux.
Like different suppliers within the industry, BAND price has struggled up to now few months due to the weak efficiency of the DeFi industry. Indeed, the full worth locked (TVL) within the sector crashed from over $250 billion to lower than $70 billion. This crash occurred after the meltdown of the Terra ecosystem.
Now, Band Protocol price is rising as traders react to the rebound of the sector. For instance, the TVL has risen to over $90 billion. Its complete worth secured (TVS) has risen to over $539 million.
Many traders consider that the sector lately went by way of a stress take a look at as quantity disappeared. Most of those platforms have survived this take a look at whereas centralized firms struggled.
Band Protocol price prediction
The four-hour chart exhibits that the BAND price has been in a robust sluggish bullish pattern up to now few days. As a outcome, the coin has risen from the YTD low of $1.1870 to the present $1.7170. The coin has moved barely above the 25-day and 50-day shifting averages whereas the MACD has moved above the impartial level.
Therefore, there’s a probability that the coin will proceed rising as traders goal the subsequent key resistance at $2. A drop under the assist at $1.5630 will invalidate the bullish view.
