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Balancer has recently revealed that they are slashing their operation budget and cutting the headcount. -
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Technical indicators of BAL favor a consolidated trend in price. It is down by 0.03% in the intraday session.
Balancer Price Prediction Protocol is a DeFi platform built on the Ethereum blockchain that allows users to create and trade cryptocurrency. Balancer protocol functions as a self-balancing portfolio and a liquidity provider. It is an incredibly useful tool for diverse actors in the Defi space. The network operates on the principles of AMM, where prices are determined by a mathematical formula based on the supply and demand of the pool.
The protocol uses a weighted pool system, meaning each asset has a different value. It gives users a way to create portfolios with various cryptocurrencies. One can also create private pools in the ecosystem, giving owners complete governance over the pool.
Balancer Protocol also allows users to earn fees by providing liquidity to the pools. Balancer offers more flexibility as compared to the other protocols and index funds. The protocol has a TVL of $1.21 Billion, which can see a further rise.
Balancer has a market cap of $302 Million and is ranked 111th in the crypto-verse. The volume of the asset price has seen a drop of 2.1% in the intraday session. The V\M to the ratio of BAL suggests a consolidating trend in price.
Will BAL Consolidation End In The Future?
The weekly technical chart of the Balancer suggests a struggle between the bulls and bears. It has been consolidating in the daily chart for the past few days. BAL is trading near the value of $6.13, with a gain of 0.85% in the intraday session. The upside trend of the BAL can see a halt near the value of $7.5.Meanwhile, the downside trend of BAL can see a halt near the value of $5. It is trading below the 50 and 100 Daily Moving Averages. There can be a negative crossover in the future, pushing the asset price to a new low.
MACD of the asset price suggests a bearish trend in price. The bars of the MACD hint towards a consolidated trend in price.
Summary
Balancer has recently said that they are cutting their operations costs. Balancer Price Prediction has been moving in a downside trend but can move to a new high in the future.
Technical Levels
Major Support:$5
Major Resistance:$7.5
Disclaimer
The views and opinions stated by the author, or anyone named in this article about Balancer Price Prediction, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
