Band Protocol price forms a small double-top as TVS retreats

Band Protocol (BAND/USD) has pulled back in the past few days as the recent crypto rebound fades. The token retested the important support at $2, which was a few points below the year-to-date high of $2.37. This price is about 100% above the lowest point in 2022.

Timeline of Band-protocol

The crypto market continued its topsy-turvy performance last week, with several cryptocurrencies experiencing a brief spike last week and then shedding part of the gains. But some altcoins have doubled their value in the past week after gaining more than 100%.

Band Protocol, a decentralized finance (DeFi) token in the Ethereum ecosystem, has, over the last 24 hours, exploded by 133% to exchange hands at $3.51 during the European session on Friday. Before this breakout, BAND moved sideways between support at $1.10 and resistance at $1.30. If investors refrain from locking in profits, Band Protocol price could rise to tag $4.50, a move that will bring the $6.00 level within reach.

Band Protocol ($BAND) has announced that Web3 and dApp projects on the BNB Chain, Ethereum, Polygon and other blockchains can now integrate its tamper-proof Verifiable Random Function (VRF).