The Balancer price is under intense pressure as the ongoing in cryptocurrencies accelerated. The BAL price declined to a low of $22, which was the lowest level since August 2. This drop brought its total market cap to more than $2.52 billion, making it one of the biggest digital platforms in the world.
Balancer is a digital portfolio management platform that allows customers to earn returns. Instead of paying portfolio managers to invest, the platform creates portfolios that rebalance automatically. These portfolios are made up of crypto tokens like Dai and Wrapped Bitcoin.
The Balancer price is in the spotlight today after the developers announced that they have partnered with WallStreetBets to launch an exchange-traded portfolio (ETP) on Balancer V2. The goal of this partnership is to provide retail traders with an opportunity to invest in stablecoins, tokenized commodities, and native crypto assets. In a statement, Fernando Martinelli of Balancer Labs said:
“We are excited to partner with the WSBDApp and bridge the gap between traditional and DeFi investing. WallStreetBets shares our mission of scaling accessibility to DeFi, and we are thrilled to welcome them into our ecosystem.”
The daily chart shows that the Balancer crypto price has been in an overall bullish trend recently. This trend has seen it rise by more than 122% from the lowest level in July to $35. These gains were undone on Tuesday as the meltdown in cryptocurrency prices accelerated.
Along the way, the coin managed to move below the lower line of the ascending channel. It also declined below the 25-day moving average while oscillators moved lower.
Therefore, for now, the BAL price will likely remain being under pressure as bears target the key support at $20. Still, we can’t rule out a rebound after the new deal between Balancer and WallStreetBets.