The band protocol price soared by 128 per cent in yesterday’s trading session after news of developers launching the voting process for the BandChain mainnet upgrade. The voting, which is expected to continue until November 17th, will see the protocol revamped and new features added to the platform.
According to reports, the Band Protocol upgrade will see Bump Cosmos-sdk revamped to v0.45.10, and ibic-go-to will also be upgraded. This will help the protocol support state sync and ICA host. The platform is also planning to increase its throughput for its oracle module by 10 times. There are also plans to increase the MaxGas per block t 50M Gas.
The Band Protocol looks to address the challenges that most decentralized finance (DeFi) applications face of being unable to tap data from the traditional web. The platform achieves this by building a decentralized bridge that enables secure interoperabilities between smart contracts and the traditional web.
The Band protocol’s native token is BAND, which gives its holders voting rights in the network. It is also used in a delegated proof-of-stake (PoS) consensus mechanism to vote for a secure network.
The band protocol surged by more than 128 per cent in yesterday’s trading session. Today, the aggressive bullish trend looks poised to continue, with the Band protocol price already up by over 30 per cent.
Looking at the chart below, it is clear that before yesterday’s price spike, the Band Protocol price had been struggling for months. The chart also shows that before the surge, indicators such as the Williams Alligator were giving horizontal trend signals.
Therefore, despite the current spike, my Band Protocol price prediction is to the downside. I expect the crypto to resume the bearish trend and possibly trade below the $2 price level again. There is also a high chance of prices returning to pre-spike price levels of $1.1 for the long term, especially considering the current cryptocurrency market is on a downtrend. However, a trade above $3.7 will invalidate my bearish analysis.
This post was last modified on Nov 04, 2022, 15:00 GMT 15:00