BAND, XEM price prediction as Bitcoin bounces to $29k
- The price of Band Protocol (BAND) rose 16% to $1.90 as major exchanges including Binance announced support for the network upgrade.
- The rally in cryptocurrency prices with Bitcoin (BTC) price jumping to $29,000 also saw NEM (XEM) gain 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) turned higher from key support that has held for the past few days, with the bump to $29,000 providing a fresh bullish outlook for the cryptocurrency. With the BTC price up 6% in the last 24 hours and crypto bouncing as new concerns hit the banking sector, a few altcoins seem to be making some decent moves.
Band Protocol (BAND) and NEM (XEM) are green today, but what are their near-term price prospects?
Band Protocol price prediction: BAND bullish above critical support level
The Band Protocol network upgrade is coming on April 27, 2023 and the original BAND token is increasing. Major exchanges, including Binance, are set to support the upgrade, much to the delight of the community. But what are the prospects for the BAND price?
BAND/USD recently broke out of a rising parallel channel on the daily timeframe to reach support around $1.65. Today’s double-digit gains (BAND price is up 16% at time of writing) have 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 psychological level of $2.0. A bullish performance over the next few days could prompt buyers to target $2.8.
On the downside, failure to consolidate gains above the $1.8 level could prompt sellers to look for $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 decline from the highs of $0.77 reached in March 2021. After correcting to lows of $0.028 in December 2022, XEM/USD turned positive at $0.056 in February 2023.
The cryptocurrency retested the $0.028 support level today, April 26, 2023. But bulls are struggling to cash in on gains amid the overall crypto bounce.
The coin is currently trading near $0.04, with about 4% upside in the last 24 hours. But XEM remains negative on the week and past 30 days, trading down 11% and 5% respectively over those time frames.
XEM price outlook on the daily chart. Source: TradingView
A bearish crossover preceded the decline to a multi-month low, and buyers need to reclaim $0.04 to extend the day’s upside. The daily RSI below the 50 line also does not suggest much joy for bulls and a potential downside break to $0.033 and then $0.028 is a more likely short-term scenario.
