BAL-USDT(Descending Triangle breakout)
Updated
Balancer is among the top 10 DeFi assets in terms of TVL on its protocol. Currently, $1.5 Bn is locked on its protocol.
After hitting its All-Time High on Feb 12, it retraced back and was continuously taking support from the 20 DEMA. On March 6, it appreciated by ~17% and is currently indicating a continuation of the bullish trend.
On 1 Hr Time Frame, It has given a Breakout from the trendline. The 20 Hourly EMA and the trendline support has given support to the Doji candlestick as indicated on the chart which depicts a Retest after the Breakout.
Key Levels to watch out:-
The supports to the lower side are present at $42 followed by $40.
The resistance to the higher side is present close to the All-Time High Level of $52. If it manages to close above ATH, a further move to the levels of 1.272 Fib level placed at $63 can be expected.
Trade closed: target reached
Main target of $63 achieved.
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