Ethereum’s BAL token surged by 25% after Bitcoin and ETH bounced a few percent in the past few hours. The Ethereum-based BAL token is up by 26% in the past 24 hours according to the data that we have in our latest altcoin news, hitting a price of $23.50.
With the 26% gain, Balancer is the second best-performing asset in the top 100 currencies by outperforming Cosmos. Analysts believe that the asset could be primed to move higher if the decentralized finance space also moves higher. Ethereum’s BAL token gained 25% in the past day as the buyers stepped in. This came after the altcoin faced a two-week drawdown from the $27.90 level to a local of $18.250 low. Analysts hope that the asset has more room to grow higher. One trader even shared a chart where we can see a balancer is primed to go towards the $30 range which is 27% above the current price because of the break above the critical downtrend which constricted the price action for a week.
Another analyst shared the optimism and cited the fundamentals such as Coinbase listings and the growth in the defi 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.”
— h⬡dl21⬡⬡k (@h0dl2100k) August 18, 2020
If Balancer reverses to the downside, the analyst believes that there’s pivotal support in the $13.50 to $17.50 range which should hold. If the level is lost, the cryptocurrency will enter a medium-term bear trend because of the importance of the aforementioned zone. Supporting the growth in the price of BAL is an overall trend of the growth of the Defi ecosystem. Analysts commented that this segment of the crypto market is poised for another round of growth due to the increase in the value of Chainlink along with the fundamental trends such as new protocols and developments.
The asset management protocol Balancer previously blacklisted the confusing fork of yEarn’s governance token YFI sparking the censorship DeFi talk. The automated asset management protocol Balancer blacklisted YFII which is a fork of the yEarn governance token YFI.
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