$BAL under pressure! More downside ahead? 🧐

Balancer ($BAL) is showing some serious signs of weakness. Trading at $1.767, it’s caught between a rock and a hard place with the 99-day moving average looming above at $1.94, acting as a solid resistance point. Both the 7-day and 25-day moving averages are sloping downward, adding weight to the argument that bears are still in control. 📉

The MACD lines are also in negative territory, with a bearish crossover in sight. Not to mention, the histogram is deep in red, suggesting that momentum is firmly in the hands of the sellers. What's more concerning is the decreasing trading volume, sitting at a weak 10K. This drop in volume implies that there’s not enough buying interest to reverse the downward trend anytime soon.

Without any major positive catalyst or uptick in volume, $BAL might test lower support levels around $1.60. The downward trend remains strong, and any rallies could be short-lived. If you're holding $BAL, this could be a time to brace for further losses or reconsider your position.

Bearish.