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- BAL price in continuous consolidation for a long time.
- Balance platform hosting building event.
- Trading volume slipped by $11.45%.
The Balance platform is presently hosting a facility event under its “25 days of builders,” where one DAO builds something or the other using Balance each day. It is a visionary initiative to glorify and give a peek at its salient segments, and the anticipated response is that it may entice more users. Currently, the reaction is cold as BAL is moving at its own pace but can drive under the influence in the future. Until now, BAL’s movement was not opinionated as it didn’t install any inclined market.
The picturesque
The BAL price moves to form a consolidating wedge where the range narrows with each passing day. The seller holds the upper band, and the lower band is under the buyers. All crucial EMAs coincide near $6, marking it as a breakout level, which, when breached, can send prices up to $7. The volume shows scarce participation and dormant forces, unable to influence the prices.
A muscular downtrend is suggested by the CMF indicator, which is far beneath the zero mark and lays flat at a wide distance. The MACD shows a divergence with selling histograms. The bars don’t stand tall and reflect a shallow interest of users at present. The RSI goes about revolving near the average range of 40-50, showing a neutral pressure.
4 hour POV
The closer window shows that the prices are under consolidation and the situations are being rectified. The CMF indicator rises closer to the baseline but goes parallel, not hinting at a further move. The MACD records the cyclic phases of buyers and sellers. The RSI tries to penetrate the half line with a steady buyer rise.
Conclusion
The market did not state its further movement as both the market forces are pulling with equal force. The prices are anticipated to oscillate within this range, and a subtle hint points to a future dip.
Technical levels
Support levels: $4.6 and $3.5
Resistance levels: $6.6 and $7.8
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
