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Balancer revenue has declined over the past few weeks, with a slight increase in the TVL. - 2
Technical indicators of BAL favor a consolidated trend. It has seen a gain of 0.85% in the intraday session..
Balancer is a defi protocol that allows users to trade and swap crypto without the need for any intermediaries. They use an AMM model instead of relying on the order book. Balancer also allows their users to create custom token pools which can consist of up to 8 different tokens. Meanwhile, AAVE and Balancer have a long history of working together.AAVE has launched its 80/20 AAVE/ETH incentive pool on the Balancer. Balancer vault contains over 52% of the total supply and BALANCER DAO has approximately 7.889% of the total supply. It has a total number of 45,554 holders which can grow in the future. The protocol has over $1.457Bn TVL which is growing steadily with the highest balance on the Ethereum chain. Meanwhile, fees and revenue is also been on a decline as per the data provided by Defilama.
Balancer has a market cap of $352,325,559 and is ranked 110th in the crypto-verse. The volume of the asset price has seen a decline of 59% in the intraday session. BAL price is down by more than 90% from its all-time high.
Are Bears Of BAL Price Getting Active?
The weekly technical chart of BAL price hints towards a strong consolidation. BAL price is currently stuck between the range of $6.5 to $7.5. The asset price is currently trading near the value of $7.21 and has seen a gain of 0.85% in the intraday session. The upside trend of BAL price can see a halt near the value of $7.6.Meanwhile, a downside trend can observe a bounceback from $6.5. It is trading above the 50 and 100 Daily Moving Average. There can be a negative crossover between 50 and 100 DMA. It can push the asset price to a new low in the near future.
MACD of BAL hints towards a weak upside trend in the price for the future. Bars of the histogram also hint towards an upside move.
Summary
Balancer has seen a decline in fees which can affect the upside trend. BAL price is currently consolidating and can observe a reversal in trend in the future.
Technical Levels
Major Support:$6.5
Major Resistance:$7.6
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/04/16/balancer-price-prediction-does-a-decline-in-balancer-fees-affect-the-bal-price-upside-trend/