After the five-day BAL market deadlock between the 11th of October and to 15th of October, the bulls gain control over the market. From the 16th to the 18th three consecutive candles appeared on the chart. When candles like this appear on the chart, it is usually a sign that a bullish trend is beginning. To confirm this, we can see that the bullish trends continue in today’s trading session. However, we can also see that the volatility of the BAL market is also increasing as sellers are trying to come back into the market.
Balancer Market Price Statistic:
- BAL/USD price now: $5.656
- BAL/USD market cap: $254,604,780.69
- BAL/USD circulating supply: 43,822,910
- BAL/USD total supply: 52,125,147
- BAL/USD coin market ranking: #117
- Resistance: $6.00, $6.50 $7.00
- Support: $4.50 $4.00, $3.50
Balancer Market Price Analysis: The Indicators’ Point of View
Bullish activities in the BAL market are triggering bearish activities. The volume of trade in the market is beginning to increase. More traders are ready to buy than to sell, however, some traders consider the price at this point to be the peak and they are selling. And this increases the volatility of the market.
In yesterday’s market, as the price action touches the upper band of the Bollinger indicator, the bands did not show any sign of expansion. Initially, in today’s market as the price break out of the upper band of the indicator, it did not show any sign of expansion. But later as the volume of trade increases steadily, it begins to expand the band to accommodate the price action. The RSI indicator is telling us that there is still room for more bullish performance as the market strength is measured at around 60%.
BAL/USD 4-Hour Chart Outlook
In the early hours of today (that is the first trading session), the bears had a minimal victory, but towards the end of the session bulls took over and they drove the market in their direction. There was massive buying in the second session. At the same time, some traders (after they considered that they have made some profit) began to sell. But the buyers are having the upper hand. It is the Balancer’s bullish season, The price of the market is expected to progress steadily to the $6.000 price level soon.
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