Yello, Paradisers! Will #BAL finally break free from its bearish shackles or getting ready for another correction? Let’s unpack the current setup of #BALUSDT:
💎#Balancer has been trading within a clearly defined descending channel throughout the year. The price has respected the descending resistance and support levels, forming a textbook downtrend. However, recent movements show a breakout and the next few days could be critical.
💎Currently, #BAL has bounced off a key demand zone located between $2.40 and $2.60. This region has consistently provided support, acting as a lifeline for the bulls. A sustained hold above this zone could indicate the beginning of a new bullish phase. However, the real test lies ahead at the descending resistance line, which aligns with the psychological barrier at $3.60 to $4.00. A daily candle close above this level would be a strong signal that #Balancer is breaking out of its bearish structure.
💎If #BALUSD can break above the $4.00 level, the next target becomes the major resistance zone between $4.50 and $5.00. A breakout here could pave the way for further upside, with potential to reach $5.50 to $6.00 as bullish momentum accelerates. Watch for increased volume during any breakout attempt, as this would confirm the strength of the move and the commitment of buyers.
💎On the flip side, if $BAL fails to hold the demand zone and closes below $1.64 on a daily timeframe, the bearish pressure is likely to intensify. Such a move would invalidate the bullish setup and open the door for a deeper correction, potentially targeting the $1.20 to $1.00 range.
Stay focused, patient, and disciplined, Paradisers
🥂
MyCryptoParadise
iFeel the success
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