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- CAKE coin price falls from $26.60 to $21.10 on Tuesday’s trading session
- The 24-hour volume in CAKE is at $511,038,356 with a 5.47% decrease
- The CAKE/BTC pair was trading at 0.0003992 BTC with a loss of 9.26%
The 4-hour technical chart of the CAKE coin price forecasts a negative trend. According to pivot points, CAKE’s critical support level is placed at $19.55. Whereas if it moves up, the key resistance to watch is $26.60. While diving into the weekly chart of a 4-hour time frame, it completes a bearish engulfing candlestick pattern representing bearish reversal with high reliability.
EMA- (8,13,21,55) acts as another strong support in the coin. EMA-8 (blue) had negative crossover below EMA-13,21 (green, yellow), which projects the beginning of a negative trend. The price is below 55-EMA (red). Investors may perceive a negative crossover in the EMA, and the price will also follow the negative trend.
RSI indicator (BEARISH), with a value of 44.30, indicates a sell signal in the coin. Moreover, Investors can see a downward slope from 58 to 44in the index, which may surge in future trading sessions.
The volume of (1.17M) represents a buying volume above the Volume MA (1.05M) of 20-days. High buying pressure is required in Pancake to drive its price to higher levels.
CAKE Coin Showcases Weak Buying Pressure
CAKE coin price traded at $21.10 with a loss of 12.10% in the last 24-hour and 13.50% down in the weekly time frame. Furthermore, CAKE plunged from the resistance of $26.60. In contrast, the market capitalization stands at $3.43 billion. Technically, investors can perceive a negative crossover in the EMA, and the price is below the 55-EMA. RSI index showcases a downward slope. Moreover, the price movement can be towards the support of $19.55 in future trading sessions.
Resistance: $26.60
Support: $19.55
Mr, Nikhil Ingole is a Chief Editor at The Coin Republic with over five years of technical analysis & trading experience in Forex and Crypto. As a commerce graduate, he has taken a keen interest in blockchain’s future potentials in the financial industry. A keen cryptocurrency enthusiast, he is very supportive of new media projects, pioneer ideas and the Bitcoin community. He possesses strong technical, analytical skills and is well known for his financial market’s informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.
