Balancer BAL/USD has skyrocketed since the beginning of the year and reached a record high above $75 on 04th May. Since then, the price has collapsed, daily trading volume has weakened, and the risk of further declines still persists.

Automated portfolio manager

Balancer is an automated portfolio manager and trading platform that allows you to rebalance your portfolio. So instead of paying high fees to portfolio managers,  you earn fees from traders who rebalance your portfolio by following arbitrage opportunities.

This is possible because Balancer is pooling crowdsourced liquidity from investor portfolios and using its Smart Order Router to find traders the best price on the market.

Balancer enables efficient trading and allows you to trade thousands of token pairs instantly at optimal rates and exchange any combination of ERC-20 tokens.

It is important to say that user funds are always controlled by the user, and every trader is protected from Miner Extractable Value (MEV) which otherwise can cause higher gas fees and excess price slippage for DEX traders.

Balancer has pioneered a great deal of innovation in the DeFi space, many projects already collaborate with Balancer, and the most popular ones include Aave, Radicle, Mask, TokenEngineering Academy, among others. Stani Kulechov, founder and CEO of Aave, said:

Part of what makes DeFi so exciting is its composability, and with Balancer this has resulted in a partnership that optimizes the experience for liquidity providers through the Aave-Balancer Asset Manager and opens up new possibilities for Aave stakers with the AAVE/ETH Safety Incentive pool.

Balancer tokens have the symbol BAL and to interact with this platform, you should use BAL tokens. BAL has skyrocketed since the beginning of the year and reached a record high above $75 on 04th May.

Since then, the price has collapsed, daily trading volume has weakened, and this cryptocurrency remains in a bear market. Balancer is a very promising project, and the price of this cryptocurrency could advance again at levels that we saw in May.

This will certainly not happen in the upcoming weeks or even months, and traders should have in mind that if the price of Bitcoin falls below the $50000 support, that will negatively influence BAL in the near term.

BAL remains under pressure Data source: tradingview.com

According to rules of technical analysis, Balancer (BAL) remains in a sell zone, and if the price falls once again below $20 support, the next price target could be around $15 or even below.

The first resistance level stands at $30, and if the price jumps above this level, it would be a “buy” signal, and we have the open way to the $35.

Summary

Balancer is an automated portfolio manager and trading platform that allows you to rebalance your portfolio. Balancer is a very promising project, but according to rules of technical analysis, Balancer (BAL) remains under pressure.

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