1pouce, Celsius (CEL) et PancakeSwap (GÂTEAU) rally as traders return to DeFi

Bitcoin (BTC) range-bound action since its breakdown at the $61,000 level has confused analysts. Some are projecting that a sharper correction could be in development while others remain steadfast in their belief that the uptrend will resume shortly.

According to data from Ecoinometrics, history suggests that Bitcoin price breaks out between 300 et 350 days following a supply halving. Actuellement, 329 days have passed since the latest halving, and if history repeats itself Bitcoin could soon witness a breakout.

Vue quotidienne des données du marché Crypto. La source: Pièce360

An encouraging sign from this most recent market-wide sell-off is traders are viewing this as an opportunity to buy rather than panicking. This suggests that the sentiment remains bullish. Data from Glassnode shows that $476 million worth of stablecoins were deposited to exchanges, possibly with the intent to buy the dip.

While Bitcoin’s next move hangs in flux, several altcoins have been trending upward. Let’s have a look at three tokens that could outperform the markets in the short term.

1INCH/USDT

The decentralized finance boom has produced a nearly uncountable number of projects and for investors, it can be difficult to check each one before jumping in.

This is where a DEX aggregator like 1inch (1INCH) comes in handy because the platform sources the lowest available swap (transaction costs) for investors. The team claims that the third iteration of its Aggregation Protocol has made it cheaper to use 1inch when compared to using Uniswap or 0x directly.

The protocol’s expansion to Binance Smart Chain on Feb. 25 was another positive as it reduced transaction costs for its users and added the BSC-based DEXes to the aggregation protocol.

Ces derniers jours, 1inch launched liquidity programs with ARCx, Ren, Vesper, and Opium. All these steps seem to have paid out as 1inch reported that it had surpassed $30 milliards de volume total des transactions.

aditionellement, Coinbase announced support for 1INCH on April 7 and that has given a further boost to the token.

1INCH has risen from an intraday low at $3.56 en mars 25 à un sommet intrajournalier à $6.56 aujourd'hui, un gain de 84% dans 15 journées. The bulls pushed the price above the overhead resistance at $6.33 today but have not been able to sustain the breakout, which shows the bears are defending this level aggressively.

1INCH/USDT daily chart. La source: TradingView

toutefois, the 20-day exponential moving average ($4.75) a commencé à augmenter et l'indice de force relative (RSI) is near the overbought zone, indiquant que le chemin de moindre résistance est vers le haut.

Si les taureaux n'abandonnent pas beaucoup de terrain par rapport aux niveaux actuels, cela indiquera la force. That will increase the possibility of a break and close above $6.33. Si cela arrive, the 1INCH/USDT pair could resume the uptrend with the next target objective at $8.42.

This positive view will invalidate if the bears pull the price back below $5. Such a move will point to a possible range-bound action for a few more days.

CEL/USD

Celsius (CEL) is attempting to disrupt the traditional banking industry. Some of the loans on the protocol charge interest rates as low as 1%, which is much lesser than the banks. Low rates of lending and high interest rates on deposits have boosted its growth to 500,000 utilisateurs. Dans un tweet en mars 11, the Celsius team said that it handles more than $10 billion worth of digital assets.

En novembre 2020, Celsius had paid over $80 million to its depositors and that figure surged to more than $250 million in February. The protocol claims this has been possible because it shares 80% of the revenue generated with the community.

Celsius was recently awarded the “best cryptocurrency wallet” at the fifth-annual FinTech Breakthrough Awards. This could further boost the confidence in the protocol. The team has also teased the upcoming soft launch of their Webapp.

CEL price soared from an intraday low at $4.70 en avril 2 à un sommet intrajournalier à $7.71 aujourd'hui, une 64% increase within seven days. The token picked up momentum after the price broke above the resistance line of the symmetrical triangle. This setup has a pattern target at $8.47.

CEL/USD daily chart. La source: TradingView

toutefois, the one-way rally has pushed the RSI above 84, indicating the CEL/USD pair could be overbought in the near term. If the price turns down from the current level or the target objective, it could drop to $6.80.

Si les taureaux peuvent basculer ce niveau en support, it may act as a launchpad for the next leg of the uptrend. Si cela arrive, la paire pourrait se rallier à $10.

Contrairement à cette hypothèse, if the price plummets below $6.80, the drop could extend to the 20-day EMA ($5.74). Such a deep fall could delay the start of the next leg of the uptrend.

CAKE/USDT

With most banks and bonds offering negligible returns to the investors, it is no surprise that DeFi has been a major hit among investors who are not afraid of risk. toutefois, skyrocketing gas fees on the Ethereum network can eat a major portion of the gains accrued by the small investors.

Par conséquent, several investors migrated to projects on competing blockchains that offered low transaction costs. This helped PancakeSwap (GÂTEAU) as it is on the Binance Smart Chain.

A recent report from Delphi Digital found a correlation between higher gas fees on the Ethereum network and the increase in activity on PancakeSwap. aditionellement, the protocol could have also benefited from the vast network effect of Binance, which is one of the largest crypto exchanges.

Selon DeFi Llama, PancakeSwap’s total value locked has surged to $6.15 milliard, just below Uniswap’s TVL of $7.43 milliard.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for CAKE on March 22, just as the rally was getting started.

Les VORTECS™ But, exclusif à Cointelegraph, est une comparaison algorithmique des conditions historiques et actuelles du marché, dérivée d'une combinaison de points de données incluant le sentiment du marché, volume d'échanges, mouvements de prix récents et activité Twitter. A recent test of the system found that investment returns as high as 1,497% were generated using specific strategies outlined in the report.

VORTECS™ But (vert) contre. CAKE price. La source: Cointelegraph Markets Pro

Comme le montre le graphique ci-dessus, les VORTECS™ Score for CAKE flipped green on March 22, quand le prix était $10.13.

De là, les VORTECS™ Score consistently remained in the green and CAKE rallied to a high at $19 en mars 31, resulting in an 87.5% gain within 10 journées.

CAKE rallied from an intraday low at $9.68 en mars 21 à un sommet intrajournalier à $21.25 aujourd'hui, une 119% rallye dans 19 journées. The bulls are currently attempting to sustain the breakout above the overhead resistance at $19.

CAKE/USDT daily chart. La source: TradingView

S'ils réussissent à faire ça, it will suggest the start of a new uptrend that has a target objective at $28.50. L'EMA ascendante de 20 jours ($16) et le RSI ci-dessus 66 suggest the bulls are still in control.

toutefois. If the bulls fail to sustain the breakout, the CAKE/USDT pair could drop to the 20-day EMA. A strong rebound off this support will suggest that investor sentiment has turned bullish and it will increase the chance that the uptrend will continue.

Au contraire, si les ours font descendre le prix en dessous de l'EMA de 20 jours, the pair could extend its stay inside the current range for a few more days.

Les vues et opinions exprimées ici sont uniquement celles de l'auteur et ne reflètent pas nécessairement les vues de Cointelegraph. Chaque mouvement d'investissement et de trading comporte des risques, vous devez mener vos propres recherches lorsque vous prenez une décision.

Bloquons les annonces! (Pourquoi?)

La source: Cointelegraph

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