#CAKE, #PancakeSwap is approaching resistance: potential +24%!
A quick look at PancakeSwap (#CAKEUSDT, 1D, Binance):
According to CoinMarketCap, "PancakeSwap is an automated market maker (AMM) — a decentralized finance (DeFi) application that allows users to exchange tokens, providing liquidity via farming and earning fees in return." The token registered an impressive +98% gain over the last month, following the trend of the overall market.
Main Points
Strategy
If price breaks the resistance (wait for confirmation):
TP1: $26.28
SL: n/a(*)
If you want to read more about PancakeSwap on CoinMarketCap, click here.
What do you think?
Still learning here, so any constructive feedback and positive vibes to improve my analysis are welcome.
But if you enjoy my chart, please like, comment or follow me. :)
Thank you and Happy trading!
(*) I do not use Stop-Loss for the simple reasons that I do not margin trade, and I trade only assets that I do not mind keeping long-term should the price suddenly crash.
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Some of my charts represent actual trades, and some are just paper trading.
Needless to say, this is not financial advice!
According to CoinMarketCap, "PancakeSwap is an automated market maker (AMM) — a decentralized finance (DeFi) application that allows users to exchange tokens, providing liquidity via farming and earning fees in return." The token registered an impressive +98% gain over the last month, following the trend of the overall market.
Main Points
- Price approached resistance at $21.17. If it flips it to support, price could easily head to $26.28 for a +24% profit.
- If rejected, closest support level is at around $19.
Strategy
If price breaks the resistance (wait for confirmation):
TP1: $26.28
SL: n/a(*)
If you want to read more about PancakeSwap on CoinMarketCap, click here.
What do you think?
Still learning here, so any constructive feedback and positive vibes to improve my analysis are welcome.
But if you enjoy my chart, please like, comment or follow me. :)
Thank you and Happy trading!
(*) I do not use Stop-Loss for the simple reasons that I do not margin trade, and I trade only assets that I do not mind keeping long-term should the price suddenly crash.
------------------------------------------------------
Some of my charts represent actual trades, and some are just paper trading.
Needless to say, this is not financial advice!
Trade active:
Resistance was broken. Confirmation in progress.
Trade active:
A week ago I was calling for a 24% profit. I think today we will reach it. If in a hurry, exiting at the time of this update would bring in about a 20% profit. Not bad! Anyway, we are at resistance level. Let's watch what happens next.
Trade closed: target reached:
TP1 reached already the other day! I hope you enjoyed the profit!
