The Defi-protocol, Balancer, received financial support from two venture capital firms. BAL token reacted with strong growth to the local high of $11.6. Two major institutional venture capital firms, Pantera Capital and Alameda Research, have financed the second version of a DeFi protocol Balancer. Balancer is an Ethereum-based decentralized automated market maker that allows users to earn fees by providing liquidity to customizable pools. Holders of the Balancer’s native token, BAL, can vote on various decisions, including issuance rewards and whitelisted pools for liquidity mining. Apart from that, the Balancer protocol offers a decentralized exchange functionality where users can quickly swap ERC20 tokens without the hassle of making deposits or dealing with bid and ask orders. The protocol charges a customizable percentage fee for each trade; however, all the money goes to the pool liquidity providers. Balancer Labs got a financial boost Balancer Labs, the developers’ team behind the protocol, raised financing from the two institutional crypto venture firms Pantera Capital and Alameda Research. While the injected amount is not disclosed, the VC companies confirmed that they purchased BAL tokens from the Balancer Labs treasury to support the development of Balancer V2. The second version of the protocol will introduce several improvements to user experience and developer integration processes, among other things. The CEO of Balancer Labs, Fernando Martinelli, believes that the investments will help the team move to the next stage and fuel Balancer’s expansion as investors and protocol users. Meanwhile, the bosses of Pantera Capital and Alameda Research bet on Balancer as a project with a real use case that creates unique trading and liquidity opportunities. As an active Balancer user, we’re excited to partner with the Balancer team towards building the most flexible and deepest liquidity protocol for tomorrow’s financial system, Joey Krug, Co-CIO of Pantera Capital, commented in the official announcement. BAL jumps by 15% in a matter of hours Balancer (BAL) reacted positively to the news announcement. The toke’s price gained over 15% in a matter of hours and hit the intraday high of $11.6 during early Asian hours. At the time of writing, BAL/USD is changing hands at $11.25, which is 9% higher from this time on Monday. The token is ranked 110 with a current market capitalization of $77 million and an average daily trading volume of $52 million. It is most actively traded on Binance and Huobi Global. BAL/USD daily chart From the technical point of view, BAL bottomed at $8.3 on November 4 and staged a 30% recovery in line with the general trend on the DeFi market. Currently, the price is trying to settle above 12-hour EMA50 at 11.2, and once it succeeds, the upside momentum may gain traction with the next focus on $13. This resistance served as strong support at the end of September and was verified as resistance in October. Now it is reinforced by 12-hour EMA100. Once it is out of the way, the upside is likely to gain traction towards $17.7 On the downside, the local support comes at $10. A sustainable move below this area will open up the way to the historical low of $8.3. LINK In/Out of the Money Around Price It is worth mentioning that the token is close to the strong resistance area. Based on IntoTheBlock’s “In/Out of the Money Around Price” model, 268 addresses previously purchased over 571,000 BAL tokens between $11.13 and $11.45. If the breakthrough is confirmed and buy orders continue to pile up, BAL may quickly move towards the above0mentioned resistance of $13 with little resistance on the way. Key takeaways Balancer is poised for further recovery based on strong fundamentals and the general bullish trend on the DeFi market. However, the token needs to clear the $11.2-$11.45 area to confirm the bullish scenario and extend the recovery towards $13 and $17.7. A failure to remove the resistance may increase the selling pressure and push the price to $10. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next A good and efficient COVID-19 vaccine to be an important market driver – Danske Bank FX Street 1 year The Defi-protocol, Balancer, received financial support from two venture capital firms. BAL token reacted with strong growth to the local high of $11.6. Two major institutional venture capital firms, Pantera Capital and Alameda Research, have financed the second version of a DeFi protocol Balancer. Balancer is an Ethereum-based decentralized automated market maker that allows users to earn fees by providing liquidity to customizable pools. Holders of the Balancer's native token, BAL, can vote on various decisions, including issuance rewards and whitelisted pools for liquidity mining. 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