Band Protocol (BAND) and NEM (XEM) See Price Increase Amidst Crypto Market Surge
The price of Band Protocol (BAND) surged by 16% to $1.90 as major exchanges, including Binance, announced support for its network upgrade. The rise in cryptocurrency prices, along with the price increase of Bitcoin (BTC) to $29,000, also led to a 4% increase in NEM (XEM) to $0.04.
While the price forecast for BAND and XEM indicates a continued upward trend, buyers must maintain critical support levels.
BTC has risen from the significant support it has held over the past few days, with the rise to $29,000 offering a new bullish outlook for the cryptocurrency. As the BTC price rose 6% over the past 24 hours, and crypto emerges as new concerns hit the banking sector, some altcoins appear ready to make some decent moves.
Band Protocol (BAND) and NEM (XEM) were green today, but what are their short-term price prospects?
Band Protocol (BAND) Bullish Above Critical Support Level
The network upgrade of Band Protocol will launch on April 27, 2023, and the native BAND token is booming. Major exchanges, including Binance, will support the upgrade, which has excited the community. But what are the BAND price prospects?
BAND/USD recently broke out of a rising parallel channel in the daily time frame and reached support around $1.65. Today's double-digit gains have pushed the coin trading above the exponential moving 50-day and 200-day averages.
While the upward momentum is likely to drive the price of Band Protocol higher, the key resistance zone is at the psychological level of $2.0. A bullish performance in the coming days could see buyers target $2.8.
On the other hand, failure to consolidate gains above the $1.8 level could lead sellers to keep an eye on $1.33.
NEM Price Forecast: Can XEM Break Higher This Time?
The XEM cryptocurrency has largely plateaued since its descent from highs of $0.77 reached in March 2021. After correcting to lows of $0.028 in December 2022, XEM/USD turned positive and reached $0.056 in February 2023.
The cryptocurrency has once again tested the support level of $0.028 today, April 26, 2023, but bulls are struggling to regain gains amidst the overall crypto surge.
The coin is currently trading near $0.04, with an upward movement of about 4% in the past 24 hours. However, XEM remains negative for the week and the past 30 days, trading around 11% and 5% down in these periods, respectively.
A bearish crossover preceded the decline to the multi-month low, and buyers must reclaim $0.04 to continue today's upward movement. Also, the daily RSI below the 50 line does not bode well for bulls, and a potential downward breakout to $0.033 and then $0.028 is a more likely short-term scenario.
