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BAL’s Breakout Could Pave the Way for Higher Prices

2 mins
Updated by Ryan Smith
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In Brief

  • BAL has broken out from long and a short-term descending resistance line.
  • Daily technical indicators are bullish.
  • There is resistance and support at $14.50 and $12.15.
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The Balancer (BAL) price has broken out from both a long and short-term descending resistance line.

The breakout from the former is significant, and when coupled with the bullish readings from technical indicators, it suggests that an upward move is likely.

Long-Term Levels

The daily chart shows that BAL had been following a descending resistance line since Sept. 13. After two unsuccessful breakout attempts, it finally moved above this line on Dec 28. Currently, it’s in the process of falling, validating the line as support.

Technical indicators are bullish, supporting the possibility that BAL will move upwards towards the next closest resistance area at $18.

BAL Long-Term
BAL Chart By TradingView

Cryptocurrency trader @mesawine1 stated that the BAL price could rally all the way to $18 if it breaks out above this long-term descending resistance line.

The line and area coincide with those we have outlined. Technical indicators are bullish, supporting the possibility of a breakout.

BAL Movement
Source: Twitter

Breakout From Resistance

The shorter-term six-hour chart shows that BAL has been moving upwards since Nov. 4, when it reached a low of $8.37. The rally continued until it reached a high of $18.27 on Nov. 22. BAL has been falling alongside a descending resistance line since then.

After two deviations below the $12.15 support area (0.618 Fib retracement), BAL began an upward move that caused a breakout above this resistance line.

Currently, BAL is in the process of validating this descending resistance line as support. If it manages to increase above the $14.50 minor resistance area, it’s likely to make another attempt to move above $18.

BAL Short-Term
BAL Chart By TradingView

Even lower time-frames such as the one-hour support this, since they show that:

  • BAL has been following an ascending support line over the past week.
  • It has completed an S/R flip near $13.20.

Therefore, it should soon move above the minor $14.50 area and increase at an accelerated rate towards $18.

BAL Short-Term
BAL Chart By TradingView


To conclude, the BAL trend is bullish after a breakout from the long-term descending resistance line.

Technical indicators and the price action support a continued rally towards $18, with the rate of increase likely to accelerate above $14.50.

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Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.


In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.

Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for...