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- Pancake might get a trend reversal the bullish rally might end.
- The current price of the Cake is around $3.73 and has raised by 0.44% during the last intraday trading session.
- The pair of CAKE/BTC is surfing around 0.0001341 BTC and has been raised by 0.05%
The Pancake Swap investors might look at a trend reversal as the sellers attempt to enter the trade. Investors’ hopes are being dashed by the coin. The coin’s price is fluctuating in the region that the bears favor. To increase the price and the optimism of investors, the bulls must act. To help the currency reach its full potential, the bulls must exert extra effort. The bears might push the downward curve and CAKE might start to lose its potential.
The PanCake coin’s current market price is about $3.73, representing an intraday gain of 0.44%. The price of the coin may decrease to its primary support level of $3.12 if the sellers reverse the market trend. The secondary support level of $2.90 might be reached if bears take control of the market, though. On the other hand, if bulls gain control, the price can soar to the primary resistance level of $3.95 and, if they are successful in pushing it further higher, the secondary resistance level of $4.69. Investors would benefit from this increasing tendency, but current investors would get disheartened. Nevertheless, this can present a chance for new investors to join the market.
During the intraday trading session, there has been a significant drop in trading volume by approximately 12.59%, indicating an increase in short-selling pressure. The current volume-to-market cap ratio of the CAKE coin stands at 0.06254. If the ongoing bearish trend continues, it would be difficult for investors to sustain their investments. This would pose a challenge for the major investors or “whales,” especially if the bears continue to dominate the market, which is currently seeing an influx of sellers. The market outcome depends on whether the bulls or bears emerge victorious. For the bulls to establish a healthy market and potential for CAKE, they must strive to meet investor expectations despite the bears’ efforts to undermine them.
The Technical Analysis of CAKE
The technical indicator shows the following: The MACD and MACD signal have intersected and might give a negative crossover. The Relative Strength Index is moving toward the Oversold Zone after leaving the Overbought Zone. The coin’s RSI is growing more oversold, the selling is intensifying, and the buyers are remaining silent. The current RSI number is 45.75, which is lower than the average RSI of 47.20.
Conclusion
The current market trend of the CAKE is volatile the coin’s price might get influenced by the Bears. The buyers must get in action to make the coin gain some upward momentum. The current price of the Cake is around $3.73 and has raised by 0.44% during the last intraday trading session. The ongoing bullish trend might get to an end if the bears get a grip on the CAKE.
Technical Levels
Support Levels: $3.12 and $2.90
Resistance Levels: $3.95 and $4.69
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
