Balancer Price is Up 6.45% – Time to Buy BAL?

• Shard Labs Kickstart First Balancer MetaStable Pool on Polygon: Time to Buy BAL?
• Balancer and TrueUSD partners to offer Liquidity Providers TUSD and BAL Rewards
• OlympusDAO Creates OHM as a Liquid Asset within the Balancer Ecosystem

Balancer (BAL) is on a bullish trend with a 6.45% increase in 24 hours. As the broader crypto market sees an uptrend, could this be the right time for investors to buy BAL and rise with the market?

BAL is an Ethereum token that drives the Balancer protocol. The protocol allows anyone to build or contribute liquidity to trading pools. Balancer’s distinctive feature is that it enables liquidity providers to have up to eight assets per market, weighted by percentage and automatically rebalanced.

Balancer and TrueUSD partners to offer Liquidity Providers TUSD and BAL Rewards

Recently, Polygon teamed up with TrueUSD (TUSD) and Balancer (BAL) Automated Market Maker (AMM) to offer liquidity providers rewards through a stablecoin pool incentive scheme.

The liquidity providers are to supply TUSD-DAI-USDC-USDT to the Polygon ecosystem. In return they will be rewarded TUSD, BAL, and MATIC. This offers an excellent opportunity for liquidity providers to have access the to three distinct assets.

TrueUSD and Balancer anticipate that the Polygon ecosystem will continue to benefit from stable liquidity because of the stablecoin pool incentive programme. The programme, now running on the blockchain, is open to everyone.

Shard Labs Kickstart First Balancer MetaStable Pool on Polygon: Time to Buy BAL?

Shard Labs has announced the release of a Polygon solution that allows users to participate in Lido’s liquid staking without spending significant amounts of money on Ethereum mainnet transactions. Integration with the Balancer Protocol was a necessary step in making this happen.

The launch of Phase 1 Lido on Polygon has been completed. The second phase will begin soon, with the release of Lido for Polygon. This is when the liquidity mining programme ($BAL, $LDO, and $MATIC) will begin, with triple token incentives. As a reward for allowing customers to trade, liquidity providers will receive BAL, LDO, and MATIC tokens.

OlympusDAO Creates OHM as a Liquid Asset within the Balancer Ecosystem

OlympusDAO, a decentralised finance platform, teamed up with Balancer to make OHM a liquid asset within the latter’s network. By integrating OHM as a collateral token, CopperLaunch and PrimeDAO will make the front end of the Liquidity Bootstrapping Pools (LBPs) easier.

The decentralised finance platform will invest $50 million in the Balancer Protocol at first. This initiative will focus on providing access to OHM via DAI and WETH (wrapped ETH), with the significant purpose of the collaboration being to reduce the price impact.

The addition of OHM as a liquid asset to Balancer’s ecosystem triggers an LBP funding scheme, which benefits the OlympusDao network tremendously. In addition, approved DeFi protocol users would be allowed to borrow OHM through it.

Balancer Technical Analysis

At press time, Balancer’s price is $16.15. BAL has seen an uptrend of 6.45% in the last 24 hours and a rise of 5.87% in the past 7 days.

The technical indicators of BAL show that the asset is slightly bullish in value. BAL is now trading across the 50% Fibonacci retracement threshold of $15.78, which means the crypto asset may see resistance above this level but would likely rise past the indicator price if the value of the larger crypto market continues to be bullish.

The Relative Strength Index (RSI) of the token is 54.08. This shows that BAL is in the underbought zone, indicating a good time for investors to buy BAL and rise with the market.

Furthermore, BAL is trading slightly above the trendline, with a 50-hour Simple Moving Average (SMA) value of $15.77. This shows the crypto asset is slightly bullish.

Also, the Moving average convergence and divergence (MACD) value shows a weak sell signal.

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