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PancakeSwap (CAKE) and Balancer (CAKE) Technical Analysis: Buyers Not Convincing

cryptoknowmics.com 01 December 2021 10:56, UTC
Reading time: ~2 m

PancakeSwap recovered slightly buy CAKE is overwhelmingly bearish below $15. Meanwhile, Balancer is in a descending wedge where BAL must float above $18 for uptrend validation.

PancakeSwap (CAKE)

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

Past Performance of CAKE

PancakeSwap token prices might be recovering.

However, the CAKE technical analysis place bears on control following sharp losses on November 18.

From this arrangement, sellers are better positioned to drive prices even lower, especially if CAKE crypto bulls don't blast past $15.

Day-Ahead and What to Expect

The market-wide recovery might steady CAKE coin prices, plugging the bleed.

Still, CAKEUSDT must float above $15 and the middle BB, building on the higher highs of this week.

A close above $15 nullifies bears, drawing buyers instead.

If not, a correction unwinding recent gains might signal weakness and possibly a slide below $10.

PancakeSwap Technical Analysis

There is a ray of hope for CAKE crypto buyers based on the development in the daily chart.

However, the failure of CAKE bulls to clear $15 calls into question the strength of the uptrend.

Should PancakeSwap bulls fail to clear $15 and instead there is a correction below last week's lows, CAKEUSDT might dump to H2 2021 lows of around $10.

Balancer (BAL)

The DeFi platform allows users to create their pools of tokens without necessarily using ETH. Central to the portal is the BAL token.

Past Performance of BAL

The Balancer coin prices are wavy, limited to a descending wedge even with recent gains.

From the BAL technical analysis, sellers are in a commanding position unless BAL prices surge above last week's highs at around $23.

Day-Ahead and What to Expect

BALUSDT prices are wavy, bouncing from $18 in a descending wedge with caps at $23 to the upside.

Even though buyers are confident, it would first require traders to close above the minor resistance trend line and $23, preferably with high trading volumes.

It would reverse losses of November 26, marking the beginning of what might be a leg up to $30.

Balancer Technical Analysis

As mentioned earlier, sellers are in a pole position as long as BAL token prices trend below $23.

In a descending wedge with support at $18, a clean break above the resistance trend line might ignite a wave of buying pressure, lifting BALUSDT towards $30.

On the flip side, losses below $18 reaffirm the selling pressure of November 26, possibly forcing BAL back to $15.

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