Uniswap (UNI) and PancakeSwap (CAKE) Technical Analysis: What to Expect?
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Uniswap (UNI) and PancakeSwap (CAKE) Technical Analysis: What to Expect?

July 3, 2021      Dalmas Ngetich

Uniswap and PancakeSwap prices are in range, mirroring each other’s movement. UNI/USDT could reach $30 as CAKE/USDT finds support at $12.

Uniswap (UNI)

UNI governs the development and activities of the Ethereum-based token swapping protocol. At spot rates, the dApp is the most valuable under DeFi.

Past Performance of UNI

Sellers continue to press lower as per developments in the daily chart.

Although there were efforts to clip back losses of May and June, buyers haven’t successfully pushed and close above $20.

As of writing, UNI is trading below the middle BB, adding four percent on the last trading day and 15 percent week-to-date versus the USD.

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Still, bears are dominant as long as the 20-day moving average defines price action.

Day-Ahead and what to Expect

The June 21 bear bar anchors the short-term price action.

With clear support at around May 2021 lows of $15, the upside is capped by the middle BB and $20.

A close above June 21 bear bar’s trade range could see UNI/USDT expand towards $30 as price action finds support from an Effort-versus-Results perspective.

UNI/USDT Technical Analysis

UNI Price Daily Chart for July 3

Aggressive UNI traders may find loading opportunities on pullbacks, scalping with targets at $20 despite lower lows.

However, ideally, a clean break above the descending wedge and $20—as mentioned earlier—would satisfactorily—possibly—opens up more gains to $20.

Sustained losses below $15 nullify buying effort, opening up UNI/USDT to a retest of $10.

PancakeSwap (CAKE)

The DeFi protocol is one of the most active in the Binance Smart Chain (BSC) ecosystem. Similar to Uniswap, it facilitates the exchange of BEP tokens. CAKE is its governance token.

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Past Performance of CAKE

Sellers are in the driving seat, printing lower lows as price action in the daily chart reveals.

Tracking along the middle BB, CAKE is under pressure, only stabilizing on the last trading day.

CAKE is up roughly three percent, gaining versus the greenback. Immediate support is at around $12.

Day-Ahead and what to Expect

CAKE/USDT prices are flat-lining inside June 21 trade range accompanied by average trading volumes. Technically, candlestick arrangement supports sellers.

However, this could change if CAKE prices break out above $15 and June 21 highs. In that case, CAKE could draw more demand.

CAKE/USDT Technical Analysis

CAKE Price Daily Chart for July 3

Prices are within a $6 range between June 2021 lows and $15 on the upside.

However, $12 and $15 are more explicit reaction points. CAKE/USDT prices could rise to $20 if a high volume break reverses June 21 losses. In that case, risk-averse traders may load dips.

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On the other hand, losses below $12 could see CAKE crash to $8.

#CAKE #CAKE/USDT #DeFi #PancakeSwap #UNI #UNI/USDT #Uniswap
Dalmas Ngetich
Dalmas Ngetich

Dalmas has been passionate about the blockchain and crypto space ever since he’s heard about it. As someone who’s been closely following the trends in the crypto space, Dalmas is excited about what lies ahead in this niche and is all set to explore it. While he’s been advocating crypto adoption for a number of years, he’s himself a HODLer, which makes his voice authoritative and credible.