Gnosis, Balancer and PancakeSwap breakout as Bitcoin looks for direction
May 4, 2021. Summarized by summa-bot.
Compression ratio: 19.2%. 2 min read.
A series of protocol upgrades and partnership announcements helped to boost GNO, BAL and CAKE even as Bitcoin price searches for support.
To solve the problem of MEV and improve the experience of DEX users, Gnosis (GNO) recently announced a partnership integration with Balancer to form the Balancer-Gnosis-Protocol, which plans to blend Balancer’s pool mechanisms with the price-finding mechanism of Gnosis and is expected to go live in mid-June.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for GNO on April 28, prior to the recent price rise.
From there, the VORTECS™ Score consistently remained in the green barring a brief period and GNO rallied to a high at $258. 70 today, netting the traders a 28% return in about seven days.
GNO has been in a steady uptrend and it has rallied from $171. 32 on April 25 to an intraday high at $261. 30 today, rising 52% in ten days.
A strong rebound off either support will suggest the sentiment remains positive and traders are buying on dips.
Such a move will suggest that traders are booking profits aggressively and that could pull the price down to the 50-day simple moving average ($174).
BAL rallied from $44. 73 on April 25 to an intraday high at $75. 08 today, rising over 67% in ten days.
If the price rebounds off the moving averages, the bulls will make one more attempt to push the price above the channel.
The new feature seems to have gained popularity among users as the protocol reported on May 3 that 18. 5 million CAKE tokens had been deposited in the said pool.
Contrary to this assumption, if the bears sink the price below the 20-day EMA, it will suggest that traders are booking profits aggressively.