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ThecoinrepublicCryptoPancakeSwap Price Prediction: CAKE is Still Remaining...
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PancakeSwap Price Prediction: CAKE is Still Remaining to Bake, Wait for The Healthy Meal

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  • 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. 

Conclusion 

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

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Ahtesham Anis
Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.
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