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- Uniswap decided to deploy on BNB.
- CAKE price displays chances of death cross.
- NFT market to come as a savior.
PancakeSwap (CAKE) to face a tough battle as Uniswap is set to deploy on BNB and rise as a rival. Doesn’t it seem like deja vu? Something similar was seen when Uniswap deployed Polygon. This decline in the market can impact CAKE negatively. But it may all be thwarted, as PancakeSwap’s NFT marketplace may evolve into a hero and negate or even help CAKE take the lead. The present situation is like chaos but after which there is a daring rescue by a superhero.
The monoscope
Price action shows a downtrend while marking lower highs. Trading volume also faces pressure which, when viewed with declining OBV, suggests that the pressure on the volume could be negative. On the other hand, CAKE saw a rise in its TVL to nearly $ 2.25 million, but price level continued to respond negatively. The EMAs suggest a probable death cross, which further supports the negative movement of the CAKE price. If this predicted cross occurs, prices may fall and reach near $2.
The CMF indicator plummets below the baseline and shows the ongoing downtrend, but it also slopes up, hinting toward a possible uptrend. The MACD lines diverged widely and recorded tall seller histograms. The RSI indicator could not breach the half line for the past month and continues at the lower ranges.
The microscope
The smaller time frame shows the price battling to define who controls the market. The CMF slides to the zero mark and suggests a struggling market. The MACD also tangles and alternatively records sellers and buyers. The RSI also escalated to the half line but reverted to oscillate within the same bounds, indicating heavy selling pressure.
Conclusion
The market is trying to hold up, hoping for the PancakeSwap NFT marketplace to take care of the new competitors, maintain its grip, and beat the competition. CAKE token is not performing well at present, but the future is uncertain and can go either way. Users can hope for the best and prepare for the worst.
Technical levels
Support levels: $3.20 and $2.85
Resistance levels: $4.10 and $4.45
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
