• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Changelly
  • Price table

Crypto News PRO

From the world all news

  • Home
  • News

Ethereum’s Balancer (BAL) Surges 25%—and More May Be to Come

Written by:
Aeon Flux
Published on:
24 August 2020
Thoughts:
No comments yet

Bitcoin and Ethereum have bounced a few percent over the past few hours, as are altcoins like Balancer. The Ethereum-based BAL is up 26% in the past 24 hours according to Coin Market Cap, reaching a price of $23.50 for the first time in many days.

At a 26% gain, Balancer is the second best-performing crypto asset in the top 100 cryptocurrencies, only underperforming Cosmos (ATOM).

Analysts say that the asset could be primed to move higher, especially as the decentralized finance space continues to move higher.

Related Reading: Crypto Tidbits: MicroStrategy’s $250m Bitcoin Purchase, Ethereum DeFi Boom, BitMEX KYC

Ethereum DeFi’s Balancer (BAL) Is Up 25%: Here’s Why It Could Rally Further

Ethereum decentralized finance darling Balancer (BAL) has gained 25% in the past 24 hours as buyers have stepped in en-masse. This comes after the altcoin faced a two-week drawdown from a $27.90 monthly high to a local $18.250 low.

Analysts are hopeful that the asset has room to move higher.

Last week, one trader shared the chart below. It shows that Balancer is primed to move towards the $30 range, 27% above the current price, due to a break above a critical downtrend that constricted price action for around a week.

Image

ImageChart of BAL’s price action since the start of the month with analysis by crypto trader “HODL2100k” (@HODL2100k on Twitter). Chart from TradingView.com

Another analyst has also shared his optimism, citing the fundamentals such as a potential Coinbase listing and growth in the decentralized finance space:

“Up 30% since sharing the entry on $BAL here. Price discovery looming. Potential Coinbase listing being considered. Defi. This thing is gonna rip soon. Another leg down on $BTC MAY give you one last opp to enter- again, don’t sleep on it.”

Should Balancer reverse to the downside, this analyst believes that there is pivotal support in the $13.50-17.50 range that should hold. If that level is lost, the cryptocurrency could enter a medium-term bear trend due to the importance of the aforementioned zone.

DeFi on the Rise

Supporting growth in the price of Balancer is an overall trend of growth in the entire DeFi ecosystem.

Analysts comment that this segment of the cryptocurrency market is poised for another round of growth due to growth in the value of Chainlink, along with fundamental trends like new protocols and developments.

Related Reading: Crypto Tidbits: Dave Portnoy Drops Bitcoin, Tether Supports Ethereum’s OMG Network, DeFi Still Hot

Featured Image from Shutterstock Price tags: balusd, balbtc, baleth, ethusd, ethbtc Charts from TradingView.com Ethereum’s Balancer (BAL) Surges 25%—and More May Be to Come

Tags: balancerbalbtcbalethbalusdethereum

Categories: Bitcoin, Ethereum, News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Search in the news

Translate:

Earn up to 5% every 10 days with Aeon Flux Coins

Categories

  • Bitcoin (1,497)
  • Ethereum (945)
  • News (2,679)

Recent Posts

  • Bitcoin Isn’t the Portfolio Diversifier You Think It Is 6 March 2021
  • VeChainThor primer: Why Fee Delegation as a Service (DaaS) is a game-changer 6 March 2021
  • VeChainThor Primer: What is ToolChain? 6 March 2021
  • Consensus mechanisms in Blockchains for the layperson 6 March 2021
  • Bitcoin 2021 | What to expect? 6 March 2021

Archives

  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020

© 2015-2020 Crypto News PRO
All Rights Reserved. Powered by IWG Agenzia Web