Balancer (BAL) is a token for a protocol on Ethereum that lets users create and run self-adjusting pools of ERC-20 tokens, which are a type of cryptocurrency. These pools are called liquidity pools and they help users trade tokens and earn fees
The maximum M.C. of Balancer (COINBASE: BAL) is $450,783,587, based on the assumption that all 96 Million BAL tokens are available today. This is a statistical representation of the fully diluted valuation (FDV) of Balancer crypto, as reported by Coingecko, a crypto data and info website. This is a statistical way of showing the highest potential of the network. The actual value may be lower, depending on how the BAL tokens are released over time.
Balancer crypto plummeted 0.015% in market value and surged by 70.47% in trading volume in the last 24 hours, per Coinmarketcap which is a crypto data and info website. Its market value is $242,157,391 and its trading volume is $5,179,716. There are 50,986,667 BAL in circulation.
Balancer (BAL) open interest is $5.36 Million, as per Coinglass, which is a crypto analysis website, it rose by 7.79% in the previous session. The long versus short ratio for 24 hours is 0.9612. The total number of short positions added in the last 24 hours is $4,217.46 against longs of $36,017.948.
Moreover, BAL price fell by 28.94% in the past six months, showing underperformance. Also, the year-to-date return of BAL price is negative with an 8.14% decline.
Balancer Price Technical Analysis in 1-D Timeframe
The Balancer price dropped by about 44% in two months from April to June, making lower highs and lower lows from a supply zone near $7.44 to a demand zone near $4.13.
Then, the BAL price bounced back from the demand zone and went up by around 23% to $5.12 by July 15th, 2023, but Balancer faced resistance and pulled back for a few days and was trading close to $4.73 at the time of writing. In the long term, the BAL price seems to be forming an ascending wedge pattern and it can be seen moving up in the short term.
However, this bullish trend may not last long as the long-term pattern is bearish. Therefore, as per Balancer price prediction, the BAL price may rise in the short term to reach target one and target two, which are $5.34 and $5.68 respectively.
Balancer crypto price (BAL) is below the 20, 50, 100, and 200-day EMA (exponential moving average). Therefore, as observed, hurdles are strong, the Balancer price prediction suggests the coin price could spike only if the buyers accumulate more in the short term.
The MACD line at 0.01 and the signal line at 0.02 are below the zero line. A bullish crossover is observed highlighting bullishness for the coin. The current value of RSI is 49.98 points, and the 14 SMA is at 47.95 points, the RSI line took support and headed for the overbought zone. Hence, the Balancer price prediction suggests the coin price is bullish.
Conclusion
Balancer (BAL) coin chart shows investors are bullish regarding the coin on the 1-D time frame. The price action shows a bullish outlook at the time of publishing. The technical parameters of the Balancer price also support the bullish trend. The major indicators are giving positive signals and imply that the uptrend may continue. Hence, as per Balancer’s price prediction, the coin is bullish.
Technical Levels
- The nearest support of BAL: $5.34 and $5.68.
- The closest resistance of BAL: $3.97 and $3.72.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/07/17/balancer-price-prediction-2023-will-bal-thrust-upward/