PancakeSwap (CAKE) is recoiling but may reach $65 in trend continuation. On the other hand, REEF/USDT is open for $0.09, while MANA/USDT could climb to $3.
Reef Finance (REEF)
In the age of cross-chain trading and the need to roll out differentiated products for an edge, Reef Finance launched from Polkadot.
On the last trading day, the token remains one of the top performers as REEF/USDT bulls aim to break above a two-month consolidation.
Overly, traders and the crypto investment community are bullish, expecting further price gains as REEF explodes in valuation for the better part of the year.
Reflecting this optimism is the resilience of REEF bulls and the increasing trading volumes in the last few days.
What’s more, REEF bulls are resilient against BTC and USD.
REEF/USDT Technical Analysis
From the daily chart, the path of least resistance is northwards.
A visible, high-volume bullish bar of May 11 could define REEF/USDT price action in the medium term.
What’s required for buy trend continuation is a surge above the $0.05 resistance level.
Following May 11 bull bar, a subsequent confirmation with decent trading volumes may provide the impetus for REEF bulls to load up the dips.
A close above $0.05 may see REEF buyers double down, pushing REEF/USDT towards $0.09—the first buy target and the 1.618 Fibonacci extension level of the Q1 2021 trade range.
Given the amount of capital flowing into gaming, boosting R&D, we are apparently in the early stages of blockchain gaming.
Ambitious projects are venturing into virtual reality, riding on the blockchain, giving unparalleled levels of flexibility, especially in monetization, to users.
Among the early birds is Decentraland (MANA).
As of writing on May 12, MANA is up 39X year-to-date—and it is just warming up, posting decent gains against the greenback and BTC.
For what’s ahead, especially on project development and ecosystem enhancement, MANA holders expect the token to outperform in the coming months.
MANA/USDT Price Forecast
MANA/USDT technical analysis reveals strength in lower time frames.
From a top-down approach, MANA bulls are firmly in control.
Judging from price action in the daily chart, traders can find entries to load provided the middle BB—one of the most actively used crypto technical indicators—holds.
Notably, the flexible support line defines MANA/USDT price action, acting as a loading zone.
Losses below $1.2 may see MANA slump to $0.80 in the immediate term.
On a more optimistic outlook, a rally above May highs of $1.6 may see MANA/USDT chart to new highs of $3—the 2.618 Fibonacci extension level of the Q1 2021 trade range.
PancakeSwap has replicated Uniswap’s success in the interoperable and scalable Binance Smart Chain (BSC).
The DeFi protocol’s native token is CAKE.
CAKE was hammered last week, but its prospects look bright.
For instance, CAKE/USDT is up 39 percent in the last month of trading.
At the same time, more projects are launching in BSC and listing on PancakeSwap.
CAKE/USDT Technical Analysis
Accordingly, CAKE/USDT traders are optimistic, expecting bulls to be in control. From the daily chart of the CAKE/USDT, the token is trading within a bullish breakout pattern.
While bulls successfully drove CAKE towards $43—the 1.618 Fibonacci extension level of the Q1 2021 trade range–, the pullback slowed down buyers. Trading volumes shrunk in a retest.
Nonetheless, momentum is picking up. CAKE bulls are not targeting $65 as long as the middle BB—the flexible support line—holds.
If CAKE prices fall below $33, bears may force the token towards $30. But if CAKE melts below the primary support, CAKE/USDT may halve to $15.
Chart courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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