PancakeSwap (CAKE) and LIDO DAO (LDO) Technical Analysis: Sellers Relentless
Table of contents
PancakeSwap (CAKE)
PancakeSwap, the largest DEX in the Binance Smart Chain (BSC) ecosystem, depends on the CAKE governance token.
Past Performance of CAKE
CAKE crypto holders are feeling the pain, posting losses in sync with the market.
Presently, CAKE is down 15 percent against the USD on the last trading day.
However, CAKE coin prices are still in range, within the September 7 bear candlestick.
Day-Ahead and What to Expect
CAKE token prices are under immense pressure.
At spot rates, the odds of PancakeSwap prices tanking below $15 remain high.
In that eventuality, sellers would force CAKE prices even lower, back to within early July 2021 territory.
On the flip side, CAKE coin fortunes would change if there is a sharp recovery above $24, unwinding September 25 losses.
PancakeSwap Technical Analysis
The path of the least resistance is southwards.
The failure of PancakeSwap bulls to clear $27 and September 2021 highs signal weakness.
Accordingly, the correction of the last two weeks is expected.
At September 20 pace, CAKE crypto may fall to $16, around the 61.8 percent Fibonacci retracement level of the July to September 2021 trade range.
LIDO DAO
The LIDO DAO protocol allows for staking ETH using the LDO token.
Past Performance of LIDO DAO
The LDO crypto token is relatively stable versus the ETH on the last trading day. Still, this won't discount losses since launch, where LDO token is trading at over 90 percent from peaks.
Day-Ahead and What to Expect
The path of the least resistance in the immediate term is northwards versus a weakened ETH.
A break above 0.002 ETH and the primary resistance trend line of the rising wedge would shift price action to favor LDO coin bulls.
On the flip side, sellers will take charge if the middle BB and 0.001 ETH fail to hold.
LDO Technical Analysis
The LDO/WETH upside is firm as per the LDO technical analysis in the daily chart.
However, as mentioned earlier, LDO could recover if there is a high volume close above the primary resistance level in a buy trend continuation.
From the daily chart, LDO crypto prices are printing higher highs in a rising channel, a net positive for bulls. Losses below the middle BB may force the LDO coin lower towards 0.0011 ETH in the short to medium term.