Balancer appears to be finishing its correction and is due for an explosive breakout within the next 120 days.
Balancer has been forming a long-term support line since July 2020, which has been tested and confirmed seven different times. Over the past week, Balancer has successfully retested the long-term support line and is now forming a descending triangle formation with a contracting range. Although the Relative Strength Index (RSI) is still low at 40, RSI has been rising over the past week. Further, the Awesome Oscillator has begun to show green candles which indicate a reversal trend in the near future.
Balancer has recently confirmed partnerships with Fei DAO and Beethoven-X to further integrate its Balancer V2 Liquidity Pools onto other networks, and we should expect a large inflow of capital into its liquidity pools in the near future.
Within the next 120 days, I expect Balancer to approach the 1.618 Trend Fib Extension at $126.00. Once Balancer reaches this target price, I will make another post to update my price prediction.