STEPN, PancakeSwap, Ripple Price Analysis – May 3
XRP seemed to print a lower timeframe range, whereas GM witnessed a massive bounce from a demand area. Meanwhile, the coming day or two might be critical for the cryptocurrency spectrum as Bitcoin hovers at a vital juncture. PancakeSwap exhibited a bearish edge, but the narrative might shift as demand resurges following sentiment shift to bullish.
The lower timeframe shows STEPN exhibiting a bearish bias. GMT seemed ready to hit the $4 local top as the weekend neared and dropped approximately 20% to explore the $3.15 level. Yesterday’s trading sessions saw the alt rebounding from this demand zone.
Also, the A/R remained on a downward trend but not intense enough to erase the buying momentum acquired within the previous two weeks. That showed secured demand around $3.1 could see GMT rising again regardless of the deep pullback.
The Awesome Oscillator (AO) indicated a downward motion as it remained beneath the zero line. Nevertheless, the green bars within the past couple of hours suggested a brief bounce to the $3.4 mark.
PancakeSwap boasts a demand territory within the $7.6 area. Nevertheless, the token closed beneath this territory and seemed to retest the zone as a supply region in this publication. Does the dip reflect volatility with Bitcoin or CAKE flipped the area to supply from demand?
The 4hr Relative Strength Index remained under the 50-neutral area, hinting at bearishness despite neutral momentum. The indicators were yet to present a divergence with the token’s price. On the other side, the on-balance volume printed lower peaks since April started. Therefore, the fading demand can translate to further drops in PancakeSwap.
The previous few days have had XRP trading inside the $0.58 – $0.63 range. Meanwhile, the remittance token witnessed a rejection around the range highs (in recent hours), translating to possible moves towards the range lows.
The hourly chart Relative Strength Index stood at 53, indicating slight momentum in favor of Ripple bulls. Meanwhile, the CVD seemed to decline beneath the zero level, denoting increased selling strength. Also, the Chaikin Money Flow remained under -0.05 to highlight sellers in control of the XRP marketplace.