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Home Tech Crypto 1inch, Celsius (CEL) and PancakeSwap (CAKE) rally as traders return to DeFi

1inch, Celsius (CEL) and PancakeSwap (CAKE) rally as traders return to DeFi

Document Analysis NLP IA

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6:29
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neutral
sentiment

Sentiment0.070715289541376
objective
redaction

Subjectivity0.36776861785557
probably it's an affirmation
Affirmation0.43979591836735

Highlights

RELEVANT
FREQ, RAKE or TFIDF
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ORG
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PERSON
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Key Concepts (and relevance score)

Summary (IA Generated)

Bitcoin’s (BTC) range-bound action since its breakdown at the $61,000 level has confused analysts.

Currently, 329 days have passed since the latest halving, and if history repeats itself Bitcoin could soon witness a breakout.

Crypto market data daily view.

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.

All these steps seem to have paid out as 1inch reported that it had surpassed $30 billion in total trading volume.

1INCH has risen from an intraday low at $3.

56 today, a gain of 84% in 15 days.

The bulls pushed the price above the overhead resistance at $6.

1INCH/USDT daily chart.

If the bulls do not give up much ground from the current levels, it will indicate strength.

If that happens, the 1INCH/USDT pair could resume the uptrend with the next target objective at $8.

Such a move will point to a possible range-bound action for a few more days.

In a tweet on March 11, the Celsius team said that it handles more than $10 billion worth of digital assets.

CEL price soared from an intraday low at $4.

71 today, a 64% increase within seven days.

However, 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.

If the bulls can flip this level into support, it may act as a launchpad for the next leg of the uptrend.

80, the drop could extend to the 20-day EMA ($5.

Therefore, several investors migrated to projects on competing blockchains that offered low transaction costs.

A recent report from Delphi Digital found a correlation between higher gas fees on the Ethereum network and the increase in activity on PancakeSwap.

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

The VORTECSscore, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

Source: Cointelegraph Markets Pro.

As seen in the chart above, the VORTECS™ Score for CAKE flipped green on March 22, when the price was $10.

From there, the VORTECS™ Score consistently remained in the green and CAKE rallied to a high at $19 on March 31, resulting in an 87.

CAKE rallied from an intraday low at $9.

25 today, a 119% rally in 19 days.

The bulls are currently attempting to sustain the breakout above the overhead resistance at $19.

CAKE/USDT daily chart.

If they manage to do that, it will suggest the start of a new uptrend that has a target objective at $28.

The upsloping 20-day EMA ($16) and the RSI above 66 suggest the bulls are still in control.

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.

On the contrary, if the bears sink the price below the 20-day EMA, the pair could extend its stay inside the current range for a few more days.


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