PancakeSwap and DODOEx Technical Analysis: What to Expect?


DODOEx price is bottoming up, and DODO/USDT resistance is at $5. On the other hand, PancakeSwap (CAKE) charts reveal demand as CAKE/USDT is sprinting higher as bulls target $65.

PancakeSwap (CAKE)

Competition in DeFi is healthy. For this, PancakeSwap does what Uniswap does but cheaply. Reflecting its mega-valuation, CAKE continues to track higher.

Past Performance of CAKE

CAKE is trading in a $7 zone. Identifiable support and resistance zones in the last 24 hours stand at $34 and $41, respectively.

At the same time, participation is inching higher, rising 34 percent, subsequently driving average trading volumes to $148 million on the last day.

Day-Ahead and What to Expect

From CAKE/USDT technical analysis, the token is trading within a bullish breakout pattern.

Presently, the token is at new all-time highs, clearing past 2020 highs in an impressive buy trend continuation.

CAKE is changing hands at $41, adding a ballpark 13 percent across the board versus BTC, USD, and ETH.

Additionally, BAKE bull bars are banding along the upper BB, indicating high demand in lower time frames, a net positive for buyers.

CAKE/USDT Technical Analysis

PancakeSwap Daily Price Chart for Apr 29

CAKE is within a bullish breakout pattern with increasing volumes.

The clearance of $30 with a surge in participation set in motion a wave of demand that may see CAKE/USDT reach $65—the 2.618 Fibonacci extension level of the 2020 trade range.

DODOEx (DODO)

DeFi is broad, and DODOEx is a cog whose influence is picking up as liquidity demands soar. Keeping its system together is DODO.

Past Performance of DODO

Despite the optimism, DODO bulls are struggling. Prices are trading within a $0.53 zone. Intraday support and resistances stand at 0.3.25 and $3.78.

Nonetheless, momentum is picking up. Trading volumes on the last day stand at $59 million as more DODO change hands.

Day-Ahead and What to Expect

DODO technical analysis points to confidence judging from price action in the daily chart. Overly, DODO/USDT prices remain in consolidation at 2020 lows.

Encouragingly, demand is picking up. However, for trend continuation, risk-averse traders can wait for a breach above critical liquidation levels before committing.

DODO/USDT Price Forecast

DODOEx Daily Price Chart for Apr 29

The candlestick arrangements in the daily chart subtly hint of buyers. A distinguishing aspect of the last days is DODO bottoming up, forming a three-bar bullish reversal pattern on Apr 24 to 26.

Still, a breach above $5—or Apr 2021 highs–may provide the necessary impetus that may drive DODO/USDT prices to $6.5—the first buy target.

It flashes with the 50 percent Fibonacci retracement level of the 2020 trade range.

 
 



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