CAKEUSDT (PancakeSwap) - Coin of the Week
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. It's a decentralized exchange for trading BEP20 tokens on Binance Smart Chain that debuted in September 2020. Users of PancakeSwap trade against a liquidity pool using an automated market maker mechanism. Users deposit cash into these pools in exchange for liquidity provider (LP) tokens, which are used to fill the pools. These tokens can later be used to reclaim their share of the pool, as well as a portion of the trading fees. These LP tokens are known as FLIP.
Technically, the PancakeSwap chart has a similar pattern with the bigger market cap cryptocurrencies. On the 4h timeframe we see a consolidation in the making that has a higher probability of going to the upside. If the blue trendline is broken sharply with a decisive candle and a consolidation occurs after that, we should take into consideration a retest of the support area (lower probability).
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Technically, the PancakeSwap chart has a similar pattern with the bigger market cap cryptocurrencies. On the 4h timeframe we see a consolidation in the making that has a higher probability of going to the upside. If the blue trendline is broken sharply with a decisive candle and a consolidation occurs after that, we should take into consideration a retest of the support area (lower probability).
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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