Balancer Price Prediction: BAL Jumps 4% – What’s Fueling This Rally?

An automated market maker on the ETH blockchain, Balancer (BAL), has attracted attention among investors with its rally in the past few days. Roughly a week after the crypto market crisis, some coins have gradually gained.

At 5:39 am EST, the asset is trading at $3.57, up by 1.10% in the last 24 hours. However, its trading volume is down by 54.77% within the same timeframe. 

Speculation surrounding the token’s rally is attributed to recent developments in its ecosystem, but despite a 4% jump, BAL’s price trends are not convincing enough. 

Balancer Fluctuations in Price Outlook Questions Recovery Process

BAL’s trading prices were between $4 and $4.4 before they fell to $3.67 after the market slump on August 17. Over the past seven days and 14 days, the price has declined 11.2% and 16.5%, respectively. 

This shows the steady fluctuations in the token’s market and its bearish trend so far. Although the project is rallying towards a possible trend reversal, its performance is significantly behind its all-time high of $74.45 in 2021. 

Report Saves Balancer’s Investors from High-Risk Vulnerabilities

In an announcement on August 22 via the official X handle, the Balancer team alerted its community members of the high vulnerability risks in their V2 pools.

Balancer has received a critical vulnerability report affecting a number of V2 Pools.

Emergency mitigation procedures have been executed to secure a majority of TVL, but some funds remain at risk.

Users are advised to withdraw affected LPs immediately.https://t.co/PDzX32gqeS pic.twitter.com/F1f649Wz3L

— Balancer (@Balancer) August 22, 2023

They stated that some emergency procedures have been taken to protect most of the platform’s total value locked (TVL), but other funds could be affected. 

Users with stakes were then advised to withdraw liquidity immediately to prevent losses. Meanwhile, as a security measure, the pools exposed to the hack, such as ETH, MATIC, ARB, FTM, zkEVM, Avalanche, OP, and Gnosis, were temporarily paused until further notice. 

Another post emerged on August 23 to update the community on the vulnerability action.

Due to the swift action of Balancer LPs, over 97% of liquidity initially deemed vulnerable is now SAFE.

The vulnerability has not been exploited, however, 0.89% of total TVL ($5.6 million) remains at risk, with users advised to withdraw ASAP using the UI.https://t.co/PDzX32gqeS

— Balancer (@Balancer) August 23, 2023

The platform stated that 97% of liquidity was safe, with just 0.89% at risk. There was also an established UI to aid users in confirming the safety of their wallets and compromised assets. 

So far, no hacking reports have been received, adding a plus to the team’s efforts in spotting the risk early. 

However, Balancer suffered a significant blow as its TVL dropped from $750 million to $543 million following investor withdrawals. This has affected its trading volume, as investors still sell off their assets. 

Although the market price declined a few hours after the announcement dissipated, BAL has managed to find a recovery path. This is due to heaping praise and applause on the protocol for turning a catastrophic situation around. 

excellent communication from @Balancer

Anon, it's likely you're not affected, but take 5min of your time to check if you have liquidity in an affected pool and migrate.

Do. It. Now.https://t.co/gefdETcsMz https://t.co/gCnVq0nK1H

— Marc “Chainsaw” Zeller 👻 🦇🔊 (@lemiscate) August 22, 2023

Notable names in the crypto space have commended the effective handling and communication of the issue, boosting the project’s portfolio in security matters. 

Technical Analysis Chart Shows Potential Price Rebound

According to the daily chart, the asset has been on a free fall, dropping to a low of $3.02 on August 17. The last time BAL/USD hit this level was on June 18. However, with the recent bullish sentiment, the coin is recovering from the dip. 

The daily chart shows that the asset is trading above the lower path of the Bollinger Band indicator. This signals a potential shift in the trading psychology, indicating a possible buy opportunity for traders and investors.

Also, the Moving Average Convergence Divergence (MACD) below the signal line shows that the bears are still in the market.

However, the fading red histogram bars suggest that buying activities are increasing massively. If the buyers could sustain the momentum and the market closes today above the Bollinger Band, BAL/USD might recover significantly.

Meanwhile, the Relative Strength Index (RSI) is currently sitting at 27, implying that the market is in the oversold region. BAL/USD trading below the oversold territory indicates the market is undervalued and could witness a potential retracement as traders may want to ‘Buy the Dip.’

This will trigger massive buying activities (FOMO), potentially pushing BAL/USD toward the long-term resistance level of $7.7. Considering the analysis above, traders and investors who enter the market now could get a return on their investment (ROI) of over 120%.

Ultimately, the market might soar in the coming days due to the massive hype and applause the project received from crypto bodies after overcoming a security breach two days ago.

However, the cryptocurrency market is mostly highly volatile, and technical indicators may not generate the coin’s next move. As such, investors should employ other technical analysis tools before making investment decisions to avoid losing their trading capital.

Wall Street Memes Ranks Among Top Alternative Coins to Buy in the Crypto Market Today

With a substantial social media following of over 1 million on different platforms, Wall Street Memes (WSM) has gained prominence, building a solid community in the crypto industry. 

Also, by introducing a staking feature for $WSM token holders, Wall Street Memes will reward its early investors for their loyalty.

 This step enhances Wall Street Memes’ appeal to savvy cryptocurrency investors who want to diversify their portfolios and manage risks effectively by earning passive income. 

As stated earlier, the presale is in its final stage, and while sales continue, the $50k airdrop to commemorate the token launch is ongoing for WSM holders to participate in. 

Wall Street Memes (WSM) Exchange Launch In 33 Days Gives Investors A Last Opportunity to Buy

 So far, as stated on their official website, over $25 million has been raised, indicating that they have reached and surpassed their initial hard cap. 

However, while investors waited for an immediate launch, the project has extended purchase deadlines to September. A countdown has been set, and in 33 days, $WSM will launch on multiple tier-one exchanges. 

The price of a token remains at $0.0337, and while enthusiasm builds for those who have purchased $WSM, potential investors can still pitch in. 

To buy $WSM, visitors on the official site can connect their decentralized wallets and make purchases using ETH, USDT, BNB, or even card transfers. There is also a guide available for easy step-by-step procedures.

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