InstaForex

July 19, 2021

Balancer (BAL) Brings a New Face, It's Impossible to Show Fangs!

 Balancer is an automated market maker (AMM) developed on the Ethereum blockchain, serving as a weighted self-balancing portfolio, price sensor and liquidity provider.


Launched in March 2020 by Fernando Martinelli and Mike McDonald.


Interestingly, the Balancer has the same features as Uniswap and Curve, allowing anyone to create pools of tokens, as well as customize themselves to keep tokens equally heavy regardless of price changes.


However, a unique feature of Balancer is that more than one token can be added without the need for ETH.


While Balancer is not the first DeFi protocol to use AMM, it has brought a new look and approach to liquidity, allowing liquidity providers to have eight assets per market and be rebalanced automatically.


Next, examine the current movement chart of the BAL/USDT price.



The visible price movement has recorded an increase of over 430% in the 2021 market, recording the latest all -time high (ATH) level reaching the price of $ 74.77 at the beginning of last May.


From a technical point of view, the price movement is seen trying to regain upward momentum and is hovering above the RBS zone (resistance become support) around $ 17.7.


Crypto analysts expect that if the BAL price movement manages to gain momentum, it will test the SBR zone (support become resistance) around $ 20 which has been tested several times before but has not yet been broken.


On the other hand, if the BAL price continues to show a bearish pattern, the RBS (resistance become support) zone around $ 17.7 is seen as likely to be tested first before making a lower decline.


At the time of writing, BAL/USDT is trading at around $ 17.8 down over 2% in the last 24 hours. The coin is currently ranked 187th in the crypto market.