Balancer prices are suppressed while Tellor and Serum are bouncing back from support levels, albeit with light trading volumes, pointing to weak bulls.
The Balancer price finds itself facing stiff resistance against determined BAL bears.
As of writing, on Apr 2, the BAL price is steady against the USD, BTC, and ETH. It is encouragingly up 18 percent week-to-date versus the greenback.
Notably, there is a double bar bearish reversal pattern in the weekly chart, with bulls failing to reverse losses as per the current consolidation.
For bullish traders, their hopes of BAL higher highs may be dented by a series of lower highs and tepid BAL/USD price action of the last few days.
BAL bulls’ failure to reverse losses of late Mar 2021 with gains pumped with relatively low trading volumes could weigh down BAL bulls’ prospects in the immediate term.
BAL/USD Price Analysis
Balancer bulls ended Q1 2021 weakly, but the trend remains northwards. Of note, last week’s bar is bearish but with lighter trading volumes suggesting a normal retracement.
As we advance, BAL traders can watch the reaction at critical Fibonacci retracement levels that flashes with BAL/USD support and resistance levels at $45, $58, and $65, respectively.
Presently, the zone between $58 and $65 is a resistance region. A sharp, high-volume close above $58 may see the BAL/USD race back to $65, retesting Mar 2021 highs, aligning with analysts’ forecasts from the Balancer price predictions.
On the flip side, losses below the primary support trend line and $45 in a bear trend continuation of last week, nullifies BAL bulls’ expectations.
The Tellor price is trading within a bullish breakout pattern. Although TRB/USD prices are retracing from Mar 2021, bulls are still in control.
According to trackers, TRB trade volumes are up, adding 15 percent on the last day. The result is a bear bar with a long lower wick suggesting possible demand in lower time frames.
For TRB bulls to take charge, prices must either break above $90–or fall but find support at the breakout level at $60—marking Feb 2021 highs.
TRB/USD Price Forecast
Accordingly, Tellor risk-averse traders can wait for a trend resumption and a high-volume close above $90 to load on dips.
Alternatively, a correction to $60 with a double-bar bullish reversal pattern may build grounds for further gains. It will present an opportunity for aggressive TRB bulls angling to align with the Tellor price forecasts for 2021.
A close above $90 could see the TRB/USD price race to $137—the 2.618 Fibonacci extension level of the Jan-Feb 2021 trade range.
On the reverse side, losses below $60—and precisely the double-bar bullish reversal pattern of Mar 25 and 26 at $45, could signal the possibility of deeper correction back to $30—Feb 2021 lows.
In Mar 2021, the Serum price sunk 50 percent, retracing from Feb 2021 peaks of $8.
Finding support at $3.6—flashing with the 50 percent Fibonacci retracement of Q1 2021, the subsequent bounce back is with relatively low trading volumes.
However, for Serum bulls, prices continue to oscillate inside Feb 22 and 23 bull bars.
SRM/USD Price Prediction
From an Effort-versus-Results perspective, SRM/USD bulls have the upper hand. Still, SRM/USD bulls’ ground will be solid if prices close above $6.6—Mar highs, opening up for a retest of $8.
For aggressive traders with risk-on, a close above the two-day consolidation at $5.7 may be an opportunity to ramp up with immediate targets at $6.6 and later $8—as aforementioned.
Leaning on caution, losses below $4.5—the 50 percent Fibonacci retracement level, could favor bears of March. Consequently, SRM/USD prices may tank to $3.6 in a retest.
For a long-term forecast, you can read our SRM price prediction article.
Chart courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
Synthetix (SNX), UTrust (UTK), and Holochain (HOT) Price Analysis for Apr 12
Polygon (MATIC), Cosmos (ATOM), and Zilliqa (ZIL) Price Prediction for Apr 9
Is Decentraland (MANA) a Good Investment?
Is Reef Finance (REEF) a Good Investment?
Icon (ICX), DigiByte (DGB), and NULS Price Analysis—Apr 8
Is BTT a Good Investment?
Fantom (FTM) Price Prediction for 2021
Bitcoin Price corrects 8% from $60k as BTC/USD Bulls Target $93k
Aion Price Prediction for 2021
DigiByte Price Prediction for 2021
ICON (ICX) Price Predictions for 2021
Holochain (HOT) Price Prediction For 2021
Learn5 months ago
Is Polkadot (DOT) A Good Investment?
News5 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?
Learn4 months ago
Yearn Finance Explained: A Simplified Guide to YFI
Price Analysis5 months ago
Synthetix (SNX) Price Analysis: Bulls Aiming at $6 after Closing above Last Week’s high
Price Analysis4 months ago
How The “Easiest Bitcoin Short of Our Lives” Turned Sour