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

PancakeSwap and Uniswap prices are shaking off selling pressure. UNI/USDT could rally to $43, while CAKE/USDT is firm as long as prices are above $12.

Uniswap (UNI)

UNI is the governance token of the world’s largest DEX riding on Ethereum.

Past Performance of UNI

The UNI token continues to trend higher.

As of writing, the token is stable on the last day and up four percent week-to-date.

Notably, it is also stable versus ETH and BTC over the past 24 hours. At the back of this week’s revival is rising trading volumes.

By May 28, UNI prices were gliding with high participation rising to $1 billion.

Day-Ahead and What to Expect

UNI/USDT technical analysis favor bulls. As from the daily chart, Uniswap bulls are resilient, soaking sell pressure.

It comes even after prices tanked 40 percent, finding support at the 61.8 percent Fibonacci retracement level of the Q1 2021 trade range.

UNI/USDT Technical Analysis

The path of the least resistance remains to be northward.

UNI/USDT prices are grinding higher after bouncing from the 61.8 percent Fibonacci retracement level of the Q1 2021 trade range.

Ideally, every low above $20 makes for a loading opportunity for aggressive UNI bulls targeting $37—May 2021 highs.

PancakeSwap (CAKE)

CAKE powers PancakeSwap, the leading DEX on the Binance Smart Chain (BSC).

Past Performance of CAKE

From the daily chart, CAKE prices are bouncing higher after posting steep losses.

However, with CAKE bulls soaking sell pressure, the coin is struggling to break even week-to-date, losing 13 percent against the greenback.

It is down roughly seven percent in the last trading day against BTC and ETH. At the same time, trading volumes are up 24 percent at $363 million.

Day-Ahead and What to Expect

Crypto and DeFi traders are optimistic of buy trend resumption of the Q1 2021 trade range.

Still, there are doubts on the strength of the uptrend as adjudged from price action. There is a double-bar bullish reversal, as the CAKE/USDT technical analysis shows.

Nonetheless, CAKE prices are trending below the 20-day moving average with relatively low trading volumes inside last week’s bear bar.

CAKE/USDT Technical Analysis

There is a tinge of weakness in light of the low trading volumes of the last trading day.

Still, every low is a loading opportunity for aggressive buyers as long as CAKE/USDT prices hold above $12.

The immediate bull target remains at $27—the 50 percent Fibonacci retracement of the Q1 2021 trade range. A breakout above this mark may see CAKE lift-off towards $43 in the medium term.

   

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