Monat: September 2022

Veröffentlicht am

PancakeSwap prediction as price rejects decline below $4.12 support

  • PancakeSwap is a decentralized exchange with a role to play in DeFi.

  • CAKE has made solid recoveries and risen on the CoinMarketCap ranking.

  • CAKE is pushing above key support of $4.12.

PancakeSwap CAKE/USD is among the few cryptocurrencies that have remained steady. As of press time, the cryptocurrency had gained 2.30% in the last 24 hours. Losses in the week are now 3.23%, quite negligible considering that many tokens had lost by double digits.

On the CoinMarketCap ranking, CAKE has climbed to position 66. That is a significant jump from position 78th on July 20. CAKE shows that it can still go higher as bulls reject a decline below $4.12 following a retracement. 

In the crypto ecosystem, PancakeSwap is classified as a decentralized exchange or DEX. It is a non-custodial peer-to-peer marketplace for buyers and sellers of cryptocurrencies. On PancakeSwap, users can swap tokens and participate in yield farming. With these notable features, PancakeSwap plays a role in the growth of the DeFi sector. The protocol runs on the BNB Chain, and Binance Labs already holds an investment. 

PancakeSwap movement and prediction as recovery continues

Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

Buy CAKE with Skilling today

Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

Buy CAKE with Capital.com today

Source – TradingView

A technical outlook shows that CAKE is bullish. Since the recovery started in June, the cryptocurrency has maintained a system of higher highs and higher lows. CAKE recently touched a high of $4.5 before correcting to $4.12. The token has maintained above the 20-day and 50-day moving averages for some time now. The MACD indicator remains in the bull zone despite momentum weakening.

Concluding thoughts

To a short-term trader, any dip is an opportunity to buy CAKE. The current level presents a buying opportunity. Our prediction puts $4.5 as the immediate resistance level. If the price overcomes $4.5, it could head to $5.0 next.

The post PancakeSwap prediction as price rejects decline below $4.12 support appeared first on CoinJournal.

Veröffentlicht am

Fantom recovery looks in tatters as bulls fail to inspire a comeback

  • Fantom blockchain was touted as a leader in smart contracts

  • Fantom has been losing TVL since the developers exited

  • FTM is under pressure at $0.24

Fantom FTM/USD – a cryptocurrency that once traded at $3.6 exchanges hands at just $0.25. FTM has lost by double digits in the past week. It looks bearish despite recovering 2% in the last 24 hours. Are we set for a further slide or recovery?

In 2021, Fantom blockchain was touted as among the best smart contract protocol for dApps and digital assets. That was due to the blockchain’s high throughput and fast transactions. The expectations that Fantom will drive DeFi growth helped its native token to surge last year. Alongside the utility aspects, such as staking, FTM gained prominence as prices touched new highs.

A totality of uncertainty could be behind the recent drop and weak recovery in FTM. Since the news of the exit of key developer Andre Cronje, Fantom has never been the same. The news was later followed by geopolitical jitters and macro issues, which gave FTM the final blow. These macro events are far from over, while the return of the exited developers remains speculation. The total value locked on Fantom has fallen to just $498.7 million from $8.03 billion in March.

FTM remains vulnerable as the price weakens at the support

eToro

eToro is one of the world’s leading multi-asset trading platforms offering some of the lowest commission and fee rates in the industry. It’s social copy trading features make it a great choice for those getting started.

Buy FTM with eToro today

Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

Buy FTM with Skilling today

Source – TradingView

A technical outlook shows that FTM has remained on a downtrend since the mid-August high of $0.4. Both the 20-day and 50-day moving averages offer resistance above. An RSI reading of $38 shows investors have been aggressively selling the token. 

Concluding thoughts

FTM remains vulnerable at the $0.24 support zone. There is no bull trigger for the token, and the price lacks momentum. The next potential level is $0.21 if FTM buyers fail to inspire a comeback at the current zone.

The post Fantom recovery looks in tatters as bulls fail to inspire a comeback appeared first on CoinJournal.