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- PancakeSwap token is establishing its price volatility above the 0.5 level of the Fib retracement.
- Buyers hold CAKE tokens above the 20-day moving average on the daily price chart.
- The price of CAKE is down 1.38% at 0.0002311 satoshis against the bitcoin pair.
In compared to other cryptocurrencies in the crypto market, the price of PancakeSwap is less pessimistic. While the crypto market was nearing its annual bottom, CAKE token was still well above it.
CAKE also topped the list of organizations that were most watched and trending on CoinMarketCap, which might be attributed to the above news. In addition to Cake, Quack and Babydog reached the top three.
CAKE Price Stays Above 20 DMA
At the time of writing, PancakeSwap price trades at $3.95 level along with USDT pair. Although, crypto witnesses selling in intraday trading sessions. Therefore, market capitalization reported flat at $621.4 Million as per last 24 hours data of CMC. Moreover, the CAKE value together with the Bitcoin pair is down 1.38% at 0.0002311 satoshis.
Buyers struggle at $4.1-immediate resistance level, while PancakeSwap token is establishing above 0.5 level of Fib retracement. Meanwhile, Buyers hold CAKE tokens above the 20 day moving average over the daily price chart. Still bulls need to flip its previous swing high into the most recent base point.
Amid range bound market, the trading volume shows low volatility. Despite the sideways trend, the RSI indicator spread positive vibes in the market as its peak slowly moved towards the semi-line. Furthermore, the moving lines of the MACD are still present in the negative zone but the histogram shows higher-highs.
Conclusion
The PancakeSwap token has been on the sidelines since last week. The buyers will soon need to avoid the 0.618 Fibonacci retracement level before the bears make another selling attempt. But from the technical indicators side, CAKE token is trading dominated by buyers.
Support level – $3.8 and $3.5
Resistance level – $4.1 and $5.0
Disclaimer
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
