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Cream Finance and Venus prices are likely to breakout. A close above $180 could lift CREAM/BUSD towards $380, while XVS/USDT’s short-term trajectory depends on the reaction at $18.
Cream Finance (CREAM)
The protocol forked from Compound but also incorporated code from Balancer. Besides swapping, users can lend and borrow on top of tokenizing services. CREAM is its utility token.
Past Performance of CREAM
CREAM is down three percent against the USD at the time of writing, weighed down by shrinking momentum, which deflates the upside momentum.
All the same, CREAM prices are tracking higher along an ascending trend line inside a rising wedge.
The immediate resistance line is $185, while CREAM bulls are capped to the downside by the central support trend line and $160.
Day-Ahead and what to Expect
Aforementioned, CREAM/BUSD prices are within an ascending wedge, with clear resistance at $185 and support at $160.
Technically, buyers have the upper hand, but the general apprehension in the crypto scene may slow down the upswing.
Still, ideal buy targets stand above April to June highs at over $350.
CREAM/BUSD Technical Analysis
CREAM bulls are upbeat, capped at $180 to the upside.
On the lower end, CREAM bears may flow back if there is a close below the primary support trend line and $160.
For buyers to be in charge, the breakout above $180 and the wedge ought to be with high trading volumes, signaling strength and rejection of bears as has been the case in the past two months.
Venus (XVS)
The Binance Smart Chain (BSC)-based protocol is an algorithmically controlled money market using the XVS token for governance and utility.
Past Performance of XVS
Bears have been brutal on XVS as per price action in the daily chart.
Even though prices have since stabilized after the draw-down of May through to June 2021, sellers remain in the driving seat, wiping out gains.
XVS is down eight percent against the USD on the last trading day.
Day-Ahead and what to Expect
Presently, XVS/USDT prices are moving inside a descending wedge.
At the apex, traders expect a breakout.
Depending on the direction, XVS’s valuation could either deteriorate or bounce in a relieving reversal and change of fortune.
XVS/USDT Technical Analysis
From the daily chart, bears are in charge.
If XVS/USDT prices plunge below $18, bears may force the token back to $7 in a trend continuation pattern of the May and June trend.
Conversely, suppose buyers overcome the selling pressure, breaking above the main resistance trend line. In that case, the resulting upswing may thrust XVS to $35.