Polkastarter (POLS) and PancakeSwap (CAKE) Technical Analysis: What to Expect?

Dalmas  |  Jun 21, 2021

PancakeSwap is within a $3 zone with caps at the middle BB. On the other hand, Polkastarter is bouncing back. POLS/USDT prices could race towards $2.5.

Polkastarter (POLS)

POLS prime the crowd-funding and token distribution platform running on the interoperable Polkadot blockchain.

Past Performance of POLS

After four months of steady, momentum-sapping lower lows, POLS prices shot higher on June 19, momentarily closing above the middle BB.

Even though POLS/USDT bulls didn't follow through on June 20, signals point to buying pressure.

Nonetheless, at the time of writing, POLS is down 16 percent.

Day-Ahead and What to Expect

Technically, the candlestick arrangement—in the short term—favors buyers.

There is a bullish engulfing pattern printing after extended periods of lower lows.

Additionally, the surge of June 19 is with relatively high trading volumes suggesting demand, increasing odds of higher highs.

POLS/USDT Technical Analysis

POLS Price Daily Chart for June 21

Buyers appear to be in control after four months of steady lower lows despite losses in the Asian session.

Accordingly, POLS/USDT aggressive buyers may search for loading opportunities, aligning themselves with the double-bar bullish reversal pattern of June 18 and 19.

A close above the middle BB may revive POLS buyers targeting $2.5.

On the flip side, losses below $1.5 invalidate the uptrend.

PancakeSwap (CAKE)

The swapping platform is the most actively used in the Binance Smart Chain (BSC). Its governance token is CAKE.

Past Performance of CAKE

CAKE/USDT prices are inside a tight $3 zone with identifiable caps at the middle BB on the upside and $14 on the lower end.

Above all, CAKE bars are punctuated with long lower wicks, pointing to support in lower time frames.

CAKE is down six percent on the last trading day at the time of writing, losing against BTC, ETH, and USD.

Day-Ahead and What to Expect

Prices are in tight ranges in a predominantly bearish environment.

All the same, CAKE prices have support above $12.

From the daily chart, CAKE/USDT bear bars are beginning to align with the lower BB, suggesting possible sell momentum in the days ahead.

CAKE/USDT Technical Analysis

CAKE Price Daily Chart for June 21

CAKE sellers lead the show as prices in the daily chart reveal.

On the positive side, a close above $17 and middle BB may inject momentum for buyers. In that case, CAKE/USDT could float to $20 in a possible turnaround.

However, if bears are in the forefront as CAKE/USDT bars band along the lower BB, prices may sink towards $12 in continuation of May 2021 losses.

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