BAND, XEM price prediction as Bitcoin bounces to $29k
- Band Protocol (BAND) price was up 16% to $1.90 as major exchanges including Binance announced support for its network upgrade.
- The uptick in cryptocurrency prices, with Bitcoin (BTC) price bouncing to $29,000, also saw NEM (XEM) price rise 4% to $0.04.
- The price prediction for BAND and XEM is for a continued bullish flip, although buyers need to hold critical support levels.
Bitcoin (BTC) flipped higher from key support that has held over the past few days, with the bump to $29,000 providing a fresh bullish outlook for the cryptocurrency. With BTC price 6% up in the past 24 hours and crypto bouncing as new concerns hit the banking sector, a few altcoins look primed to make some decent moves.
Band Protocol (BAND) and NEM (XEM) are green today, but what’s their short term price outlook?
Band Protocol price prediction: BAND bullish above critical support level
The Band Protocol network upgrade is coming on 27 April 2023 and the native BAND token is surging. Major exchanges, including Binance are set to support the upgrade, and that has the community excited. But what’s the BAND price outlook?
BAND/USD recently broke down from a rising parallel channel on the daily time frame to hit support around $1.65. Today’s double digit gains (BAND price is up 16% at the time of writing) has the coin trading above both the 50-day and 200-day exponential moving averages.
While the upside momentum is likely to push the price of Band Protocol higher, the key resistance zone is at the $2.0 psychological level. A bullish performance over the next few days could see buyers target $2.8.
On the downside, failure to consolidate gains above the $1.8 level could leave sellers eyeing $1.33.
Band Protocol price chart. Source: TradingView
NEM price prediction: can XEM break higher this time?
The XEM cryptocurrency has largely plateaued since its descent from highs of $0.77 reached in March 2021. Having corrected to lows of $0.028 in December 2022, XEM/USD flipped positive to hit $0.056 in February 2023.
The cryptocurrency retested the $0.028 support level again today, 26 April 2023. But bulls are battling to recoup gains amid the overall crypto bounce.
The coin currently trades near $0.04, with about 4% upside in the past 24 hours. But XEM remains negative on the week and in the past 30 days, trading 11% and 5% down respectively over these time frames.
XEM price outlook on the daily chart. Source: TradingView
A bearish crossover preceded the dip to the multi-month low and buyers have to reclaim $0.04 to extend today’s upside. Also, the daily RSI below the 50 line does not suggest much joy for bulls and a potential downward break to $0.033 and then $0.028 is a more likely short term scenario.
