Cryptocurrency

Decentraland, EOS, PancakeSwap Price Analysis: 13 May

Bitcoin moved previous the $30k mark in latest hours after discovering some help at $28.5k, and this transfer upward prompted many altcoins to rally. Decentraland noticed a forty five% rally in latest hours, and EOS flipped its bias towards bullish after per week of intense promoting. PancakeSwap might see a fast transfer above the $5 space within the subsequent few hours, offered Bitcoin can maintain above the $30k mark.

Decentraland (MANA)

Source: MANA/USDT on TradingView

MANA pumped almost 45% previously few hours because the short-term outlook shifted from strongly bearish towards bullish momentum. The market construction had flipped to bullish after the value shaped a better low at $0.7 and broke previous the $0.8 decrease excessive of the downtrend of the previous few days.

Does this imply {that a} longer-term pattern reversal is in sight? Not actually, regardless of the shopping for stress in latest hours. The OBV spiked upward alongside the value to mirror heavy shopping for quantity on MANA’s surge from the $0.7 degree to $1.03. The $0.95-$1 space might supply a shopping for alternative on a retest for a scalp lengthy, with take-profit targets at $1.2 and $1.3.

However, there’s heavy resistance overhead, and danger needs to be fastidiously managed.

EOS

Decentraland, EOS, PancakeSwap Price Analysis: 13 May

Source: EOS/USDT on TradingView

EOS was an identical story on the charts to MANA after it bounced from the $1.23 help degree and broke previous the $1.35 degree. In the previous few days, the $1.4 and $1.51 ranges have served as help. Therefore, on the way in which up, they’re prone to act as robust resistance ranges as effectively.

The RSI climbed above impartial 50 to indicate a near-term momentum shift towards the bullish aspect, whereas the CMF additionally briefly poked above the +0.05 mark. Hence, the capital circulate was vital into the market in the course of the rally of the previous few hours.

The Stochastic RSI was in overbought territory and mixed with the heavy resistance forward, EOS might see a transfer again towards the $1.34 mark.

PancakeSwap (CAKE)

Decentraland, EOS, PancakeSwap Price Analysis: 13 May

Source: CAKE/USDT on TradingView

The Volume Profile Visible Range software confirmed that the Point of Control lay at $4.3 for CAKE, a degree that CAKE had solely just lately breached. Over the previous few days, the value didn’t see notable buying and selling exercise within the space from $4.6 to $5.3, which signifies that CAKE would possibly be capable of traverse this distance upward rapidly.

The momentum appeared to favor the bulls, as CAKE broke out previous the POC and the RSI climbed above impartial 50 as effectively. The MACD was additionally on the verge of crossing over above the zero line.

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