AnalysisCryptocurrency news

20 Percent Win! This Altcoin Might Be Moving Next Week!

This altcoin can earn 20 percent to its investor next week. Here are the details.

20 Percent Win! This Altcoin Might Be Moving Next Week!

Altcoins have loosened into key support zones as the largest cryptocurrency sees below $39,000. Although Bitcoin has climbed above $39,500, the upcoming FOMC meeting points to continued volatility. On the other hand, an altcoin that attracts great attention by investors can offer a 20% earning opportunity.

PancakeSwap (CAKE)

The rising CAKE price is narrowing within a falling wedge pattern. This recovery rally could soon test the overhead resistance of $10. If the resistance is broken, CAKE price could rally to $12.74. However, investors should also be prepared for possible negative scenarios. The CAKE/USDT technical chart has formed a falling wedge pattern on the daily chart.

The recent correction from the $10 resistance pushed CAKE price down 30% and lowered it to the 0.618 Fibonacci retracement level.

Will PancakeSwap (CAKE) Rise?

CAKE price has rebounded from the $7.5 support and investors’ orientation is changing from selling on rallies to saving on dips. The V-shaped rebound fully reversed the correction phase losses and pushed the price up by 26%. Continued buying will revive the $10 high resistance of the previous swing and attempt to start a new bull rally.

If buyers can maintain a strong exit and sustainability above $10, short-term investors can target 20% up, or the 12.75 region. At the time of writing, CAKE is priced at $9.42. But what if, contrary to expectations, sales start again? As a result, we could face a steeper drop to $5.23, with the falling wedge pattern intact.

The ascending 50-day SMA is about to break above the 100-SMA line. This bullish crossover could attract additional buying and support a test of $10. The instantaneous spread between the VI+ and VI- slope reflects the strong bullish momentum. Short-term resistance levels are at $10 and $12.7. Support zones to be followed in a bearish scenario will be $7.46 and $5.23.

It is important how Bitcoin will start the next week, the high BTC correlation in altcoins can bring 20% ​​gains within hours. The FED meeting, which will be held in the first week of May (May 3-4), is of critical importance, and if the extra statements by this date support the 75 basis point expectation, the general decline may continue. Experts think that the markets are pricing in a 50 basis point rate hike, while a 25bp increase would be welcomed by cryptocurrencies.

Samuel Hegi

Samuel Hegi , who first became acquainted with blockchain technology in 2014, is highly critical of blockchain technology. Samuel Hegi, a journalism graduate from the University of Brighton he is the editor-in-chief of the news portal. Blockchain is love.

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