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Balancer (BAL) and PancakeSwap (CAKE) Technical Analysis: What to Expect?

PancakeSwap and Balancer prices are in red. CAKE/USDT risks reaching $8 if bulls don’t flow back. At the same time, BAL/USDT has the primary support at $22.

Balancer (BAL)

The AMM protocol allows the creation of pools. Unlike other protocols, though, Balancer pools are self-adjusting, enabling automatic weighting regardless of tokens’ prices. BAL is native to the platform.

Past Performance of BAL

BAL is trickling lower, sinking under the weight of sellers.

Different from most DeFi tokens, BAL didn’t post meaningful gains at the tail-end of May 2021.

BAL is down eight percent against the USD at the time of writing, while volumes concurrently drop, losing 13 percent to $27 million.

Day-Ahead and What to Expect

BAL bars are retesting the main support level at $22. Meanwhile, bear bars are banding along the lower BB, pointing to sell pressure. However, there will be a reprieve for optimistic bulls if BAL rebounds from $22.

BAL/USDT Technical Analysis

BAL prices are dangling precariously above $22 at the risk of more losses.

Provided $22 holds, BAL bulls have a slight chance of standing tall. A close above $30 would convincingly place buyers in control.

On the flip side, BAL may crater to $10—Q1 2021 lows—is bears press lower below $22.

PancakeSwap (CAKE)

The AMM protocol facilitates the exchange of BEP-20 tokens riding on the Binance Smart Chain (BSC). CAKE is the primary governance token.

Past Performance of CAKE

There are signs of strength, but CAKE prices are pinned down, sliding lower on the last day, losing seven percent.

At the same time, trading volumes are down 24 percent.

Overly, CAKE’s candlestick arrangement is skewed against bulls, more so if prices fail to close above $20.

Day-Ahead and What to Expect

The primary support lies at $12 inside the May 19 bear candlestick—pointing to weakness.

In the days ahead, the CAKE/USDT may print higher towards $27 if prices edge past $20 and above the middle BB in a buy trend continuation pattern.

CAKE/USDT Technical Analysis

CAKE/USDT prices are in range inside a wedge—a bear flag from the daily chart.

Since CAKE prices are capped inside May 19 bear bar, sellers have the upper hand in the medium term.

Accordingly, CAKE prices may tank to $8 if $12 fails. On the brighter side, a close above $20 opens CAKE/USDT to $27 in a bull trend continuation pattern, unwinding May 2021 losses.

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