Pancakeswap and Ethena Gear up for Huge Breakout. What Direction

Pancakeswap is registering a green candle after the selloffs it had on Monday. The token opened the session at $2.27 but retraced, hitting a low of $2.13. It rebounded, closing at $2.22 with losses exceeding 2%. 

The negative start to the week spread anticipation of further declines. However, the asset is reacting to the positive bullish sentiment across the crypto market. The positive fundamentals and fresh liquidity flowing into the space are responsible for the uptick.

Data from CoinMarketCap shows that the BNB chain saw a massive 81% increase in volume last week. Pancakeswap V3 was the main driver of this growth, with volume surging by over 152%. The growth is ongoing, as seen on DeFiLlama. 

DEXs volume surged to its highest in almost two months on Monday amid the massive selloffs. Although lower than the previous day, buying and selling on decentralised exchanges remains above $4.55 billion. The chain’s fee is rising in response to the massive increases. 

BNB is showing little or no response to this milestone. It is seeing reduced volatility with more downward movement.

CAKE may see further increases in the coming days following its performance in the last seven days. The one-day chart shows that it remained rangebound for most of the session. 

Bollinger Band Hints at PancakeSwap Breakout

The bollinger bands show that the token may be gearing up for a breakout. It is worth noting that the asset broke out of the bands a few days ago. The downtrend is a reaction to this event. Nonetheless, previous movements suggest CAKE rebounds after hitting or briefly slipping below the middle band. The cryptocurrency is at this level at the time of writing. 

The RSI is at 55 after surging above 70 a few days ago. Although it shows a slight increase in buying pressure, there is room for more uptick. If the bullish trend continues, the previous price movement hints at a return to $2.40 this week. 

However, a slip below the $2.15 support may result in a drop below $2. Ethena prints similar signals.

Ethena Aims for $0.45

Ethena tried breaking $0.40 a few hours ago but failed due to significant selling pressure around $0.39. Despite the price decline, it is up by over 2%. Its current price suggests improved trading sentiment and a shift from the previous day’s dip.

The asset struggled to continue Sunday’s uptrend on Monday. It retraced to a low of $0.34 before rebounding. ENA closed at $0.36 after opening trading at $0.39. 

The bollinger bands show that the altcoin may be gearing up for a breakout. It broke out of the upper band last week but retraced and tested the middle band. Ethena’s price action over the last four days was rangebound. Previous movement suggests it may end this trend and retrace lower. After breaking out of the BB, the cryptocurrency tests the lower band.

If this trend repeats, Ethena may retrace below the $0.30 support and edge closer to the $0.25 mark. Nonetheless, the relative strength index shows that the asset is seeing a slight increase in buying pressure, hinting at the trend continuing. This may send ENA as high as $0.45 this week.

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