TL; DR Breakdown
- The PancakeSwap price analysis is bullish today.
- Resistance is found at $ 12.5.
- Support for CAKE / USD is at $ 10.2.
Pancaleswap price analysis favors bulls for today as it rebounded to $ 11.6 after being in a long downtrend. CAKE / USD has been down since November 8th and the past few weeks have been detrimental to the price of CAKE as it has taken extreme losses during that time. CAKE also posted a loss during the recent market decline, but today the bulls rebounded somewhat and the price increased significantly.
CAKE / USD 1 Day Price Chart: Bears were sidelined as bulls entered
The 1-day price chart for the pancakeswap price analysis shows a price increase as the bulls covered an upward area today after a continuous downtrend. The price is now $ 11.6 at the time of writing after bullish efforts. A downtrend has also been observed over the past few weeks, with the moving average (MA) trading below the Bollinger Band average and the volatility indicator now showing signs of a slight convergence.
CAKE / USD 1-day price chart. Source: TradingView
Also, both ends of the Bollinger Bands are moving down, with the upper band at $ 16.8 and the lower band at $ 10.99 providing support for CAKE. The average of the indicator is at $ 13.9, which is the resistance for CAKE / USD. The Relative Strength Index (RSI) has improved somewhat, as it has reappeared at the border of the neutral zone at Index 30 after a long period of trading in the oversold area. The upward RSI curve suggests buying assets in the market.
PancakeSwap Price Analysis: Latest Developments and Other Technical Notes
The 4-hour pancakeswap price analysis shows that the price breakout was up today and oscillated rapidly upwards in the first four hours. In response, CAKE corrected for four hours and bullish efforts have been seen again in the past eight hours, but momentum has been low as price fluctuations have been quite slow and very small improvements have been made during that time. For today, however, the direction was bullish.
CAKE / USD 4-hour price chart. Source: TradingView
The MA is trading below the price level at $ 11.3 and the price is currently challenging the average of the Bollinger Bands, which is resistance for CAKE at $ 11.66 as the price is now at $ 11.60. The RSI trades in a straight line after rising sharply. However, the RSI score has improved on the 4-hour chart now at index 43.
Since the main trend for CAKE / USD has been bearish for a long time, the technical indicators for pancakeswap price analysis are also bearish as 14 technical indicators favor bears with sell signs and only three indicators favor bulls. The remaining nine indicators are neutral and do not favor either side of the market.
Conclusion of the PancakeSwap price analysis
Pancakeswap price analysis suggests that despite today’s upside efforts, the overall trend is still down as the rebound that has occurred is insufficient to change the overall trend, but it can be a cornerstone for a trend reversal as price is improving today has. Currently, the price is at the $ 11.6 level, which is in a resistance zone, and the CAKE is trading at a 5-month low. We continue to assume that CAKE will cover the upper range in the coming hours.
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