- Bitcoin and most altcoins were deeply in the red on Thursday.
- BTC crossed the key support at $25,000 while Tether de-pegged temporarily.
- Band Protocol and Trust Wallet Token were among the top gainers.
It was a sea of red in the cryptocurrency market as concerns about regulations, Federal Reserve, and Tether continued. Most of the biggest altcoins in the world have now erased most of the gains they made earlier this year. However, some tokens, including Band Protocol (BAND) and Trust Wallet Token (TWT) defied gravity and jumped by double digits.
Band Protocol price prediction
Band Protocol is a top blockchain project that exists in a sub-sector known as oracles. An oracle is a blockchain project that helps developers link off-chain data to the on-chain. The most common role involves connecting crypto exchanges with accurate pricing. Some of the top platforms using Band Protocol are Loopring, dForce, Homora, and KyberSwap among others.
BAND price jumped by more than 10% on Thursday after the developers launched an integration with Axelar Network, a leading interchain communication platform. This deal will help to power the cross-chain data oracles and expand data availability and interoperability across multiple blockchains.
The other important Band Protocol news is that the developers announced the launch of a grants program intended to accelerate the ecosystem’s growth. A grants program enables companies like Band Protocol to provide developers with funds to build their platforms.
The 4H chart shows that the Band Protocol price formed a strong bottom at $0.927. It has formed what looks like a double-bottom pattern, which is usually a bullish sign. The token has also moved slightly above the 23.6% Fibonacci Retracement level. However, it remains below the 50-day moving average.
Therefore, there is a likelihood that the BAND price will resume the bearish trend as sellers target the double-bottom level at $0.927.
Trust Wallet Token price prediction
The Trust Wallet Token price also defied gravity as most coins recoiled. It jumped to a high of $0.90, the highest level since June 10 of this year. This was an important price since it was along the 50% Fibonacci Retracement level on the 4H chart.
TWT price also jumped above the 50-day moving average. However, as shown below, the token has formed a double-top pattern whose neckline is at $0.80. In price action analysis, this pattern is usually a bearish signal.
Therefore, there is a likelihood that the Trust Wallet Token price will resume the bearish trend as sellers target the next support level at $0.75.
