- PancakeSwap price found monthly support at the $3.5 mark.
- Trading volume increased by 118% in the last 24 hours, which was reported at $52 million.
- The buyers are struggling at the 20 day moving average on the daily time frame scale.
PancakeSwap has been struggling through a roller-coaster ride for the past several weeks. The most recent monthly low for bulls was $3.57 on November 22. This low happened after 60 days, so it was aggressive selling that started near the resistance zone (red zone) in terms of the daily price scale.
Amidst the downtrend, Pancakeswap price found a monthly support at the $3.5 mark. Later, the bulls reversed the trend in the lower time frame. On a daily basis, buyers are forming a third green candle this week. This week, buyers have recovered 4.6 per cent. The Fibonacci retracement is indicating a bullish hurdle at 0.618 ($4.1 mark), the bears may lose this area anytime.
The PancakeSwap token is looking into the bullish trend. Recently buyers overcame selling pressure, as well as, buyers flipped the trend into higher-lows trend. Meanwhile, against the USD pair the CAKE token is trading at $3.98 mark, buyers are continuing getting rejection close to $4.0 resistance.
The $3.0 mark has a key support level for buyers. After a long time, buyers were aggressive last night for accumulation, thus Trading volume increased 118% in the last 24 hours, reported at $52 Million. But On Balance Volume (OBV) is still remaining in lower levels on the daily price scale.
On daily price scale, PancakeSwap price approaches the 20 day moving average as an early bullish hurdle. As well as, 200 DMA (RED) stays at the same level. So this breakout will influence swing long traders. In addition, RSI is gradually moving towards the semi-line after reversing from the oversold zone.
PancakeSwap takes a pause at 200 day moving average, it seems bulls are exhausted now. Although, bullish trend is present in CAKE token, so wait for a positive breakout above these all bullish hurdles.
Support level – $3.5 and $3.0
Resistance level – $4.0 and $5.0
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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