02 December 2023 : In this article we will walk you through Balancer price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Balancer, Is BAL a good investment? Balancer support & resistance levels etc. But before diving deep into the BAL technical analysis, let us talk about the current market conditions.
Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $1,454,623,825,546. The total trading volume stands at $47,982,540,193. Bitcoin shares 52.08 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price rising to $38,734.24 level after an upward movement of 1.93%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 0.24 percent reaching to $2,092.06 during the previous 24 hours.
While publishing this blog, BNB traded at $229.31, following a price change of 0.14% within the same time frame. XRP the native coin of XRP is up by 0.29 and currently trading at $0.61. Additionally, Solana reached $60.96 after seeing a uplift of 0.28% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.
Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Balancer (BAL)
|BAL Resistance Levels||BAL Support Levels|
|Resistance Level 1||$5.40||Support Level 1||$4.64|
|Resistance Level 2||$5.74||Support Level 2||$4.23|
|Resistance Level 3||$6.15||Support Level 3||$3.89|
The daily chart of Balancer shows that the BAL price has a downward movement with a -0.17% decrease in past 24 hours. The price value of the Balancer (BAL) coin is standing at $6.51 with market capitalization $303,666,438.00 USD. BAL price changes 20.32% over the week while the trading volume is hovering around $8,070,250.00 USD.
BAL price analysis for 02 December 2023 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Balancer.
|Simple Moving Average (10)||5.05||Buy|
|Exponential Moving Average (10)||5.09||Buy|
|Simple Moving Average (20)||5.13||Buy|
|Exponential Moving Average (20)||5.14||Buy|
|Simple Moving Average (50)||5.89||Buy|
|Exponential Moving Average (50)||5.87||Buy|
The relative Strength Index (RSI) indicates that the BAL coin is in heading towards overbought zone, as RSI is at 51. The MACD line is standing above of the signal line after a positive crossover. Balancer investors need to wait for any directional change over the daily chart. While BAL’s Williams %R indicator is at -9.682 for the 14-day time period indicating a overbought condition and short term trend price correction is possible.
Balancer has few recovery chances and might continue testing immediate resistance level of $5.40 in the coming days. While the gradual bullish movement in the overall cryptocurrency space can keep BAL investors hopeful.