Balancer, Serum, and Bancor prices are retreating after posting impressive rallies in Q1 2021. BNT/USDT is below a 2-week support level and may cave. SRM/USDT and BAL/USDT are still defined by Apr 18 bear bars, searching for direction in the face of unrelenting sellers.
Two things are happening synchronously: DeFi is re-balancing lower; secondly, related governance tokens such as BAL absorb the heat.
From the Balancer price prediction, it is apparent that bears are doing everything in their might to reverse Q1 2021 solid gains.
As of writing on Apr 20, the BAL price is trading at $48. It is down five percent from a top-down analysis versus the greenback.
Amid this collapse is trader apprehension, traders are panic selling as participation is up 34 percent to $152 million on the last day.
BAL/USDT Price Prediction
BAL price forecasts suggest bears in the immediate term.
The BAL/USDT price is correcting from April peaks, sliding despite temporary reaction after Apr 18 slumps.
Presently, BAL/USDT prices have broken below two critical levels of support: The primary multi-month support trend line and Apr 14 lows at $52, flashing with the 23.6 percent Fibonacci retracement level of the Q1 2021 trade range.
As we advance in this bear breakout pattern, Balancer bulls can wait for either a retracement in line with Apr 14 gains or lower lows towards $44.
In the meantime, aggressive BAL traders can unload and trade with the trend, with bear targets set at $44.
If prices find support at $44, the BAL price may bounce back in a buy trend continuation from the 38.2 percent Fibonacci retracement level towards $65.
Traders remain hopeful, and Serum’s are specifically upbeat.
On Apr 20, the SRM price is trading at $5.2, losing 29 percent week-to-date against the greenback.
From a top-down preview and volume analysis, the current correction is necessary.
Conditions, as per Serum price forecast, for the uptrend, remain valid SRM/USDT prices trend above primary support levels—especially at $3.5.
SRM/USDT Price Forecast
There has been a confirmation of Apr 18 losses after Apr 19 bar turned red in the daily chart. Therefore, there might be an opportunity for buyers to buy the dips.
However, whether the dip will be arrested and SRM/USDT prices spring higher depends on if $5 will hold.
Presently, SRM prices are trending inside Apr 18 bear bar–which closed with a long lower wick pointing to demand in lower time frames. This is bearish from a Volumes analysis point of view.
Dips below $5 may spark a sell-off towards $3.5—Mar 2021 lows.
Therefore, $5 is important for bulls in the immediate term.
Further losses below $3.5 confirm bears of late Feb 2021 setting in motion another dump probably towards $2.5—Jan 2021 highs or the 78.6 percent Fibonacci retracement level of the Q1 2021 trade range.
The Bancor price is printing lower in the immediate term in a normal correction following the ecstatic expansion of Q1 2021.
The BNT price is trading at $6.2, shrinking 12 percent versus the USD on the last day. At the same time, BNT liquidity is lower, dropping six percent to $126 million in the same period.
BNT/USDT Technical Analysis
BNT technical analysis points to bears.
Notably, BNT/USDT prices are trending below a two-week low, crashing below $6.5 with increasing participation.
BNT sell bars are now banding along the lower BB, suggesting a momentum build-up in lower time frames.
Technically, in a bear breakout pattern, aggressive BNT/USDT traders can sell in line with Apr 18 losses while targeting $5—around the 61.8 percent Fibonacci retracement level of the Q1 2021 trade range.
Chart courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
How and Where You Can Get Interest on Stablecoins?
Litecoin Price adds 46%, LTC/USD Traders Readying For a 2X to $450
Uniswap activates v3, Time for UNI/USDT to reach $100?
Ripple adds 90% in one Month, but XRP/USD Traders Expect a 10X to $14
Is VeChain a Good Investment?
Ethereum Price Rips Sell Walls; ETH/USD Traders Predict $8k and $80k
Is Decentraland (MANA) a Good Investment?
Is Pundi X (NPXS) a Good Investment?
Polygon (MATIC), Cosmos (ATOM), and Zilliqa (ZIL) Price Prediction for Apr 9
Ripple (XRP), REN, and Fantom (FTM) Price Prediction for Apr 14
Tron (TRX) Loopring (LRC), and Balancer (BAL) Price Prediction for Apr 17
Maker (MKR), Ox (ZRX), and BAND Price Analysis for Apr 13
Learn6 months ago
Is Polkadot (DOT) A Good Investment?
News6 months ago
How Will Bitcoin React if Either Trump or Biden Wins?
Price Analysis5 months ago
Bitcoin Price Prediction: China FUD, Path back to $13k or $20k?
Learn5 months ago
Yearn Finance Explained: A Simplified Guide to YFI
Price Analysis6 months ago
Synthetix (SNX) Price Analysis: Bulls Aiming at $6 after Closing above Last Week’s high
Price Analysis5 months ago
How The “Easiest Bitcoin Short of Our Lives” Turned Sour