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Thursday

22 April 2021

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

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


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Some are projecting that a sharper correction could be in development while others remain steadfast in their belief that the uptrend will resume shortly.

According to data from Ecoinometrics, history suggests that Bitcoin price breaks out between 300 and 350 days following a supply halving.

This suggests that the sentiment remains bullish.

Data from Glassnode shows that $476 million worth of stablecoins were deposited to exchanges, possibly with the intent to buy the dip.

1INCH has risen from an intraday low at $3.56 on March 25 to an intraday high at $6.56 today, a gain of 84% in 15 days.

If that happens, the 1INCH/USDT pair could resume the uptrend with the next target objective at $8.42.

This positive view will invalidate if the bears pull the price back below $5.

If the price turns down from the current level or the target objective, it could drop to $6.80.

If that happens, the pair could rally to $10.

Contrary to this assumption, if the price plummets below $6.80, the drop could extend to the 20-day EMA ($5.74).

If they manage to do that, it will suggest the start of a new uptrend that has a target objective at $28.50.

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.

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cointelegraph.com
Market data feeds provided by cryptocompare.com
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