Adjectives are not difficult to identify. They are usually the word preceding a noun. So first you look for the nouns in the sentence. There are two in this sentence - "times" and "balloon". The word "the" precedes balloon and we know that "the" is not an adjective. So the only word that could be adjective would be "several" because that is the only other word that precede a noun.
I'm sure you already know, but I forgot to include that the part that contains the noun is the subject and the part that contains the verb is the predicate.
Also, you may find it helpful to know that Adjectives are describing words, so they will always describe something as in this sentence, Several describes (how many) times describes (what). Adverbs are also descriptive words but they support the verb, they are usually active words such as the word dangerously is used in this sentence.
Also, I think it's important that you know that Adjectives DO NOT always precede the noun, they actually can be behind the noun in sentences too, but they will still support or describe the noun as adverbs may be in front OR behind the verb, they describe or support the verb.
The adjective in this sentence is the article 'the". Adjectives answer the questions, which one, what kind of, how many, whose, how much, and also to what degree. Adjectives usually come before the word that they modify, but not always.
Several times the balloon dipped dangerously
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adj. adv. art. n. v. adv.
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times dipped balloon dipped