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Balancer’s price has only moved by 0.21% today, but its price action is well positioned for more upside traction as trading activities continue. Additionally, trading indicators are also looking favorable about this opinion. So, let’s get a closer look, shall we?
BAL Statistics
BALValue Now: $4.83
Balancer Market Cap: $246M
Balancer Circulating Supply: 50,548,013.59
BAL Total Supply: 57,728,195.58
BAL CoinMarketCap Ranking: 119
Major Price Levels:
Top: $5.00, $5.50, and $6.00
Base: $4.83, $4.53, and $4.23
Balancer (BAL) Price Movement Targets the $5.00 Resistance
Price action in the BAL/USDT daily market started an upside retracement on the 16th of this month, and it has progressed considerably. Recently, price action in this market crossed above the 9- and 21-day Moving Average (MA) lines. However, the ongoing session has presented minimal price reduction, yet it could be seen that the session stays upside-biased.
Price activities are now above the crossed MA lines, and this seems to constitute the force refusing the downward correction in the ongoing session. Also, the Moving Average Convergence Divergence (MACD) indicator bars continue to appear green while their line journeys towards the equilibrium point.
Consequently, this hints that buyers may keep experiencing gains in this market.
Balancer Stays on Track Towards a Higher Resistance Level
In the Balancer 4-hour market, price action is below the 9-day MA line but above the 21-day MA line. Nevertheless, since price action remains above the 21-day MA line, traders may still hope for a continued upside move. Also, by carefully comparing the price levels on the daily 4-hour chart, one will see that prices are increasing.
Furthermore, the Stochastic Relative Strength Index (RSI) has performed a bullish crossover in the oversold region. Also, the position of this crossover seems to suggest that the upside retracement may continue. The bullish trend has occurred above level 20 of the RSI.
Therefore, price action looks set to break the $5.00 mark shortly and may proceed towards the $5.50 mark.
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