Cryptocurrency News Price Analysis

Price Analysis of Balancer (BAL) and Synthetix (SNX)

Samuel Weis

Balancer (BAL) – 17.33% Rally

At the time of publication, Balancer’s value is hovering at a high price. The situation for Balancer was not the same before the bulls formed a strong rally in the past 24-hours. The performance graph shows that the price of Balancer was at a low of $14.22 per BAL.

The bulls kept trying to uplift the value of Balancer to a higher mark but the bears showed no sympathy. They continued selling Balancer at a higher level, which resulted in pulling the price of Balancer to lower marks.

While the bears thought they could dip the price of Balancer to a lower mark, the bulls came in stronger than ever against them. The strong sentiments of the bulls resulted in forming a 17.33% rally in the past 24-hours. This has resulted in uplifting the price of Balancer to a high of $17.11 per BAL.

If the bulls continue investing money into Balancer, the price of Balancer may continue rising. As the sentiments of the investors continue elevating, the price of Balancer may also move in proportion to that.

This would result in pushing the price of Balancer to a high of $21.44 per BAL. If the investors keep adding more money in favor of Balancer, then its price may surge to $23.93 per BAL, and then up to $25.66 per BAL.

Synthetix (SNX) – 15.73% Rally

Synthetix is also moving higher into the bullish channel for the past 24-hours. They have been acquiring Synthetix on a very large scale in order to push its price to the resistance channel.

The bulls have already launched their counters against the bears in the past 24-hours, to achieve their goal. They have formed a 15.73% rally in the past 24-hours, which has pushed its trading value up to $6.53 per SNX versus USDT.

With the bulls acquiring Synthetix at a higher level, the price of Synthetix may grow up to a high of $8.01 per SNX.

If the RSI for Synthetix moves over the line 74.6, then the price of Synthetix may grow over $8.68 per SNX.

Although Synthetix is currently moving in the positive zone, but the bears can always launch a stronger attack. This is because the spirits of the investors are currently not very high as the rally is just 24-hours old.

If the bears were to launch their selling attack, then the price of Synthetix may start diving. This would result in the price of Synthetix getting dragged down to $6.35 per SNX.

If that happens, then the investors with low confidence in the bullish trend would start selling their holdings in Synthetix. This would cause the price of Synthetix to come down to $6.10 per SNX.