The BAND coin surges by 15% in the past day after a strong retracement from its all-time high price. The LINK Competitor continues surging according to the data from CoinGecko that we have in our latest altcoin news.
The BAND coin surges hitting $16 as of this article’s writing and this is a price that saw a new all-time high forming from the prominent cryptocurrency. BAND’s all-time high was set at $18 before where it was rejected in a notable fashion at the start of August. The LINK competitor seems poised to move higher because of its fundamental trends along with the notable technical breakout. BAND seems to be surging higher because of the fundamental news revealing that it has strategically partnered with the TRON Foundation to bring oracle services to TRON:
“TRONFoundation has strategically partnered and successfully integrated Band Protocol into TRON, one of the largest blockchain platforms, to provide scalable and secure $BAND oracles for an ecosystem with almost 1000 decentralized applications.”
The partnership will bring BAND oracles to the TRON decentralized applications especially the JUST finance application. Analysts see this as further validation of the BAND oracle technology which represents a direct competitor to Chainlink. There’s also a technical factor for the ongoing breakout. Traders noted that the ongoing breakout past the local highs and to the all-time highs is occurring at a technical point as one analyst noted that the move higher could propel the asset to its previous all-time high of $18.
1/ 🚀 @TRONFoundation has strategically partnered and successfully integrated Band Protocol into TRON, one of the largest blockchain platforms, to provide scalable and secure $BAND oracles for an ecosystem with almost 1000 decentralized applications.https://t.co/ENn9RljVgQ
— Band Protocol (@BandProtocol) August 31, 2020
One factor that threatens to harm the BAND’s rally in the near term is Kimchi.Finance which is a DeFi protocol that is forked from SushiSwap. SushiSwap on the other hand is unaudited and is a staking function that allows users to deposit Uniswap liquidity to mint KIMCHI. Some of the supported types of liquidity include the SUSHI-KIMCHI pool and the BAND-ETH pool. If Kimchi.Finance farming ends, the BAND-ETH liquidity tokens could be incentivized to sell their BAND token, pushing the crypto lower. The collapse of the previous ETH protocol YAM also caused a DeFi market crash as investors tried to sell the cryptocurrency that they were staking.
The reason why Kimchi.Finance is brought up instead of SushiSwap, is that the latter is expected to have rewards that last for weeks while SushiSwap has been audited while the first one remains unaudited.
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