Balancer (BAL) Sees Minimal Gains, Stays Subdued

The Balancer token ranks among the top-performing coins as it registers a gain of 2.78%. However, the token’s daily chart shows that price activity in the market still lies in bearish territory, and as such, upside forces need to break a key technical level. Let’s take a closer look at how this market may perform below.

BAL Market Statistics

Current Price: $1.1093

Market Capitalization: $74.69M

Circulating Supply: 67.32M

Total Supply: 69.98M

CoinMarketCap Rank: 441

Key Price Levels

Resistance: $1.200, $1.500, $1.800

Support: $1.000, $0.900, $0.750

BAL Upside Movement Appears More Conspicuous

Although the ongoing session in the Balancer daily market appears bearish, bearish influences remain minimal, as presented by the latest price candle on the chart. The market remains below the 9-day EMA curve.

Meanwhile, the Stochastic Relative Strength Index (SRSI) line is rising steeply upward overall. The lead line of the indicator shows a slight deflection but continues to approach the 50 mark, which is encouraging, as the market may soon rise past a key technical level.

Balancer Stays Afloat in the Short Term

On the 4-hour chart, the BAL market stands above the 9-day EMA line. The last two price candles on the chart are red but remain afloat above the 9-day EMA curve. At the same time, the SRSI indicator lines are in the overbought region.

These lines are drawing closer to a possible crossover but still maintain a generally upward bearing. Therefore, it appears the market may proceed upward toward the $1.150 mark, at least, as an upward rebound may occur off the 9-day EMA line.

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