en
Back to the list

Yearn Finance (YFI) and PancakeSwap (CAKE) Technical Analysis: The Breakaway

Analytics

cryptoknowmics.com 09 October 2021 11:57, UTC
  
Reading time: ~2 m

Yearn Finance and PancakeSwap prices exhibit different formations. As YFI bulls gallop, adding 13 percent, CAKE is bound in a descending channel below $20.

Yearn Finance (YFI)

The platform is a multi-chain yield aggregator using YFI for governance.

Past Performance of YFI

The Yearn Finance token is one of the top performers in the last trading day, adding eight percent versus the greenback.

As per the YFI technical analysis in the daily chart, buyers have their strong foot forward, rewinding losses of September 2021.

Day-Ahead and What to Expect

Technically, YFI crypto bulls are in control, as mentioned above.

The rebound from July 2021 lows and the close above the middle BB set the ball rolling for the YFI coin buyers targeting $40k in the short term.

From how the YFI/USDT candlestick arrangement is laid out, every low may present a loading opportunity for bulls angling for resumption of Q1 2021 trade range towards $52k.

Yearn Finance Technical Analysis

YFI crypto buyers are in control.

As such, price action in the daily chart suggests the strength, meaning every low may provide entries.

In this case, as long as the middle BB and $30k holds, every low in YFI may be a loading opportunity for $40k and later $52k in buy trend continuation.

PancakeSwap (CAKE)

The DEX is the largest in the Binance Smart Chain (BSC) ecosystem using CAKE for general governance.

Past Performance of CAKE

As of writing, the PancakeSwap token is steady, rejecting lower lows.

The CAKE technical analysis of the daily chart points to strength as buyers target to close above the bull flag aligning with gains of July to August 2021 trend.

Day-Ahead and What to Expect

Despite the draw-down of the last few weeks, CAKE crypto buyers are in command.

However, the failure for CAKE token bulls to edge above the immediate resistance trend line is challenging.

Ideally, a close above $20 would see the CAKE coin token rise towards $30 or better in the days ahead.

PancakeSwap Technical Analysis

Traders are upbeat about what lies ahead.

Even so, CAKE/USDT prices are moving sideways as of writing.

CAKE token prices are below $20, and the bull flag though the uptrend is defined.

As such, a breakout above this zone would see CAKE crypto prices soar to $27 or better.

Meanwhile, losses below $17 might see CAKE dump towards $15.


   Source
Back to the list