6 May 2022
Bitcoin, Stepn, and PancakeSwap Market Analysis from the past week.
Market Analysis from the last week of the most influent markets in the cryptocurrency world.
BTC/BUSD Market
Bitcoin has had an uncertain last few months, moving sideways whilst failing to signal in which direction it might move next. Just a few weeks ago it looked like BTC was headed back upwards and towards higher resistance levels, however, it doesn't seem to be the case now, as a more lateral move looks more likely for Bitcoin whilst it consolidates above the current support level.
Over the last few weeks due to Bitcoin price, we can establish that the crypto is fighting to stay above the current $39k support level, a level which has been tested already several times, and if broken, would likely see Bitcoin USD drop towards low $30ks. What makes the current level even more significant is that Bitcoin price today is below its two moving averages, EMA20 and EMA50 on higher time frames, signaling that it's still currently in a downwards market and that further downwards movement isn't unlikely. Just a few weeks back, its price had broken above the moving average, however, this didn't last long, signaling it might have been a fake-out move with no substance to it.
Over the last few weeks due to Bitcoin price, we can establish that the crypto is fighting to stay above the current $39k support level, a level which has been tested already several times, and if broken, would likely see Bitcoin USD drop towards low $30ks. What makes the current level even more significant is that Bitcoin price today is below its two moving averages, EMA20 and EMA50 on higher time frames, signaling that it's still currently in a downwards market and that further downwards movement isn't unlikely. Just a few weeks back, its price had broken above the moving average, however, this didn't last long, signaling it might have been a fake-out move with no substance to it.
BTC/BUSD weekly candles chart with supports and resistance
On higher time frames, like the weekly one, Bitcoin is still showing uncertainty as it ranges between the support level below it at $39k, and the resistance level above it at $43/45k. It's still unclear how long this is going to last, but it has been going on since the beginning of 2022, and based on the 20EMA and 50EMA, as well as the trailing 100EMA below its current support level, it would seem quite likely that this sideways move will continue for a few weeks at the very least, if not more. As prices fluctuate around the current $39k support, the moving averages are likely to lower in the future, meaning that a push back towards the $43k resistance might be sufficient to reignite a change in trend and upwards move. If BTC manages to break above the moving averages and the $45k resistance level, its overall trend will likely revert and a bull market will start. Until then, there will keep on being a lot of uncertainty in its price direction.
BTC/BUSD daily candles chart with supports and resistance
On lower time frames, mainly the daily and 4h, we can notice that what seems to be a bottom is forming above the support level. It is still really early to confirm whether this is actually a bottom, as just a few days ago, we can see the Bitcoin price touching the lower bound of the support level. However, as prices lateralize, we can see it catching up with its moving averages and moving above the 20EMA and the 50EMA (on 4h charts), as well as the 100EMA. This is a great sign that signals that if prices continue to move upwards and keep this momentum going, it's likely to reach these moving averages also on higher time frames. The next target for Bitcoin would be to reach the 200EMA on lower time frames, igniting an upwards move for both itself and many other coins, such as Ethereum, which are currently waiting on Bitcoin's direction before establishing their own trend,
Bitcoin prediction suggests that there is still a lot of uncertainty around the coin and that we could see a move in either direction in the following days. If Bitcoin manages to continue to trend upwards, hold the moving averages on lower timeframes, and opus towards the upper resistance, it's likely to see a trend reversal and higher prices in the near future. However, if it fails to do so, a drop to low $30k can't be excluded.
Bitcoin prediction suggests that there is still a lot of uncertainty around the coin and that we could see a move in either direction in the following days. If Bitcoin manages to continue to trend upwards, hold the moving averages on lower timeframes, and opus towards the upper resistance, it's likely to see a trend reversal and higher prices in the near future. However, if it fails to do so, a drop to low $30k can't be excluded.
GMT/BUSD Market
Stepn GMT has been performing really well since our last update, showing great growth signs and moving further upwards, continuing what is looking like a really positive bull run. Stepn coin launched a few months ago, in early March 2022, and has performed really well ever since, growing exponentially and gaining over 38000% since its launch, and reaching prices as high as $4.15. The current growth of Stepn crypto seems to be somewhat organic as the different waves tend to be a high growth in price, followed by a lateralizing move, where prices consolidate, before moving further upwards. To make this even better, on the daily chart, it seems that Stepn token price follows the 20EMA moving average, as we can see the price bouncing on this level several times along the way, signaling that the move is even stronger and likely to continue.
On higher time frames, mainly the daily, as there isn't enough historical data to analyze other ones, the trend still seems really strong and likely to continue. Prices have consolidated above a previous resistance level, now turned support, and have just bounced on the 20EMA, signaling that the move is likely to continue if this level is held. If prices continue to hold above this level it's likely to see them test the $4 resistance over the next few days, and potentially move further upwards, in what could be another exponential growth wave for this coin.
However, on the other hand, the latest price of GMT coin could signal that we just had a double top, and prices could be coming back down. As seen over the last few days, prices reached $4 around the 20th of April, before falling back down to $3.1 in the following days. This was followed by another attempt to breach the $4 resistance around early May, which also failed to send prices back down to the local support level around $3.1. If GMT token fails to regain some positive momentum, this scenario will be more likely, and a correction could be incoming.
On higher time frames, mainly the daily, as there isn't enough historical data to analyze other ones, the trend still seems really strong and likely to continue. Prices have consolidated above a previous resistance level, now turned support, and have just bounced on the 20EMA, signaling that the move is likely to continue if this level is held. If prices continue to hold above this level it's likely to see them test the $4 resistance over the next few days, and potentially move further upwards, in what could be another exponential growth wave for this coin.
However, on the other hand, the latest price of GMT coin could signal that we just had a double top, and prices could be coming back down. As seen over the last few days, prices reached $4 around the 20th of April, before falling back down to $3.1 in the following days. This was followed by another attempt to breach the $4 resistance around early May, which also failed to send prices back down to the local support level around $3.1. If GMT token fails to regain some positive momentum, this scenario will be more likely, and a correction could be incoming.
GMT/BUSD daily candles chart with supports and resistance
On the 4h chart, we can see a similar pattern, with GMT coin prices consolidating around the moving average levels. Prices are currently below the 20EMA and 50EMA, and converging around the 100EMA, signaling that it's likely to continue moving laterally before making a decision on its next move. Based on the current pricing, it's likely to see GMT move back downwards towards the $3.1 support level, however, a lot has to still be determined before this might occur.
GMT/BUSD 4H candles chart with supports and resistance
GMT price prediction suggests that the outlook of the coin is still positive and that it is likely to continue this current bull run, as there are no signs at the moment to suggest otherwise. As long as GMT keeps on rising prices and then consolidating around its moving average, the move will remain bullish and likely to continue. Once the 20EMA level is lost and prices dip below, it can't be excluded that a bigger correction resulting in prices dropping to the next support level isn't unlikely.
CAKE/BUSD Market
Pancake swap coin has been one of the most popular coins of the year in 2021, growing exponentially and making massive gains for its investors, due to its rise in popularity as a decentralized exchange solution. After launching at around $0.50 Pancake token grew all the way to above $40 marking an increase in the price of over 7000%. Its increase in popularity has been mainly due to the use cases of its decentralized exchange where traders can easily 'swap' or trade their coins, whilst still holding them in their wallets, meaning that they would still have full ownership and control over the underlying asset.
However, after reaching its ATH back in May of 2021, Pancake swap price has seemed to have steadily declined gradually over time, falling by more than 85% over the past year, reaching lows of around $5.70 just a few weeks ago. Initially, the first drop saw prices settle around $10, and this was followed by a bullish wave where temporarily Pancake prices recovered to reach a local high of $25. This, however, did not last long, as after struggling to maintain above the $18.5 support level, prices dipped back down and settled around $10, before falling further and forming what seems to be a bottom above the $5.7 support level. To make matters worse, when over the last few months, Pancake lost the $10 support, it also dipped below the moving averages on high timeframes, signaling that it might be time to exit positions and wait for prices to consolidate before being bullish; and in fact this was followed by a further dip, where prices lost and additional 40%.
On high timeframes, such as the daily and weekly, the overall trend still remains quite bearish, with indicators suggesting that the price of Pancake swap crypto is likely to continue moving downwards or at best sideways. We can notice how Pancake is slowly regaining its moving averages on these time frames, but how it's still struggling to regain these levels. If prices managed to move above the 20EMA and the 50EMA, this could translate to higher time frames as well, and could potentially be really positive for Pancake. However, at the time, it's still unclear whether this will occur or not in the short term.
However, after reaching its ATH back in May of 2021, Pancake swap price has seemed to have steadily declined gradually over time, falling by more than 85% over the past year, reaching lows of around $5.70 just a few weeks ago. Initially, the first drop saw prices settle around $10, and this was followed by a bullish wave where temporarily Pancake prices recovered to reach a local high of $25. This, however, did not last long, as after struggling to maintain above the $18.5 support level, prices dipped back down and settled around $10, before falling further and forming what seems to be a bottom above the $5.7 support level. To make matters worse, when over the last few months, Pancake lost the $10 support, it also dipped below the moving averages on high timeframes, signaling that it might be time to exit positions and wait for prices to consolidate before being bullish; and in fact this was followed by a further dip, where prices lost and additional 40%.
On high timeframes, such as the daily and weekly, the overall trend still remains quite bearish, with indicators suggesting that the price of Pancake swap crypto is likely to continue moving downwards or at best sideways. We can notice how Pancake is slowly regaining its moving averages on these time frames, but how it's still struggling to regain these levels. If prices managed to move above the 20EMA and the 50EMA, this could translate to higher time frames as well, and could potentially be really positive for Pancake. However, at the time, it's still unclear whether this will occur or not in the short term.
CAKE/BUSD weekly candles chart with supports and resistance
On the 4h trend, we can't see anything that suggests the direction that prices are going to take, with the overall trend being quite inconclusive or suggesting that a further downwards move is likely. On this time frame, prices currently sit below all the moving averages, meaning they would have to regain these levels just to be somewhat positive. If prices manage to regain the moving averages on the 4h, it's likely to see a push towards the next significant resistance which sits at $10.
CAKE/BUSD 4H candles chart with supports and resistance
Pancake price prediction would suggest that there is still a lot of uncertainty around this coin, and that prices might need some more time to consolidate. However, if prices managed to regain the $10, the outlook would be much different and a further move upward would be quite likely, especially in the short term.
Author: Matteo Poole
info@yanda.io
info@yanda.io
