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- Balancer crypto prices had tried multiple times to trade above $8.00 but got rejected.
- BAL token price is quite stable and the 6 months consolidation in the narrow range is indicating the signs of base formation
Balancer crypto price is trading with mild bearish cues and bears are trying to keep the price below $6.00 level. According to coinglass, In the last 12 hours BAL long and short ratio stands at 1.03 which indicates the balance between bullish and bearish positions.
Currently, The pair of BAL/USDT is trading at $5.866 with the intraday loss of 0.37% and 24 hour volume to market ratio stood at 0.0243
Balancer consolidating for bottom formation ?
On a daily time frame, Balancer token price had been quite stable and are consolidating in the narrow range between $4.00 to $8.00 with a bearish bias but bulls have tried multiple times to sustained above the 50 day EMA but due to strong sellers on higher levels prices lacks the direction and remained sideways. In the past couple of months, the prices and volume both witnessed some wild speculative spikes but ended up as a trap and prices lost its gains.
Recently, prices took support at $5.00 and gained some positive momentum and
attempted to break out of the $6.00 hurdle level but seems like it will be again going to be difficult for bulls to hold the higher levels. However, if bulls succeed to trade above the $6.00 we may see BAL prices to rise towards the next hurdle at $7.00 and $8.00 levels.
On the lower side, if prices slipped below the 50 day EMA, we may see minor corrections towards $5.00 and $4.50 levels which will act as a demand zone for responsive buyers. The MACD has generated a positive crossover which shows the bullish momentum may continue for some more time and the RSI at 61 sloping upwards denotes the strength of buyers at lower levels.
Balancer token technicals are improving and showing signs of bottom formation but the confirmation will come only when the prices will be able to break out of the $8.00 hurdle level. Till then prices are expected to remain sideways.
Summary
Balancer crypto price had traded sideways and bulls have tried multiple times to breakout out of $8.00 hurdle level but got rejected indicating the bear dominance on higher levels. The technical analysis of BAL suggests the prices are showing signs of bottom formation but the confirmation is still awaited. Therefore, traders should look for mean reversal opportunities till prices are stuck inside the narrow range.However if prices slipped below $4.00 support level, BAL prices might march towards new low.
Technical levels
Resistance levels : $7.00 and $8.00
Support levels : $5.00 and $4.00
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.
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.
