Home » BAL token defies gravity as the total value locked has jumped to over $1bn

BAL token defies gravity as the total value locked has jumped to over $1bn

1st Sep 22 4:29 pm

Balancer price has made a strong recovery in the past few days as its total value locked (TVL) makes a slow recovery. BAL rose to a high of $8 on Thursday even as other cryptocurrency prices recoiled.

This price was its highest point since August 12. It has risen by more than 42% from the lowest level in August, giving it a market cap of over $340 million.

Balancer is a leading platform in the blockchain industry. It is a DeFi platform that provides three key services. First, it has an investment platform where users can invest in automated portfolios. These portfolios generate yields and rebalance automatically.

Read more on Cryptocurrencies and investments:

Kyle Roche withdraws from crypto class action suits after alleged ‘gangster style’ attacks on firms following ‘leaked videos’

US adults owning cryptocurrencies went up as the price of bitcoin began to fall with many seeing the drop as an opportunity

The crypto market is full of surprises since a particular digital asset will surge in value one day, only to plunge the next

By the end of July this year the total amount of stolen Cryptocurrency rose to over $60bn

The idea behind this investment product is similar to that of an index fun. But, instead of paying fees to a portfolio manager, you collect fees from traders who rebalance your portfolio. You can also earn $BAL token incentives

Second, Balancer has a decentralized trading platform where users pay a small fee to open trades. It enables efficient trading by pooling crowdsourced liquidity from investor portfolios and using Smart Order Router to find the best available prices.

Finally, Balancer Protocol enables developers to use its Automated Market Maker (AMM) tools. Some of the protocols using the platform are AAVE, and Ocean Protocol. For example, AAVE launched its Safety Incentive pool on Balancer.

BAL price has risen sharply in the past few days as activity in its ecosystem improves, Data compiled by DeFi Llama shows that its total value locked (TVL) has risen to $1.6 billion from this year’s low of $1.2 billion. Most of this TVL is in Ethereum followed by Polygon and Arbitrum.

Balancer price prediction

The four-hour chart shows that the BAL price has been in a recovery mode in the past few weeks. As the price rose, it formed an ascending chanel that is shown in black. This price is slightly below the upper side of the channel. The coin managed to move above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) moved to the overbought level.

Therefore, with the coin overbought, there is a likelihood that the coin will retreat as sellers target the lower side of the channel at $6. A move above the upper side of the channel will signal that buyers have prevailed.

Leave a Comment

You may also like