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- The CAKE price is currently trading at $3.173 while seeing a change of 3.86% in 24-hour trading volume.
- The CAKE price is observing an increase of 0.53% in the last 24 hours
- The CAKE price is predicted to increase by over 8 percent within a week
Investors are currently showing bullish sentiments regarding the CAKE price. After taking support from the price of $3.120 twice and making a double-bottom pattern the CAKE price made a small cup with a handle pattern the price made a bullish rally while gaining 50 percent of its value back although after taking resistance from the price of $4.500 the sellers started stepping in and the CAKE price made an extremely bearish and made a downturn of 24 percent.
As of now, the CAKE price is currently moving on an overall bullish uptrend while making higher high patterns. After making a bearish downturn following the rejection from the $4.500 and losing 24 percent of its value the price made another attempt to cross over its recent resistance but the price did not get the buyer’s support although after taking rejection from the $3.973 the price made another higher high stating that it has not yet broken the bull trend.
CAKE price taking a bullish reversal from support on the (Daily Timeframe)
Pancake Swap is an (AAM) decentralized finance (Defi) application that allows its users to exchange tokens and provide liquidity via farming while earning fees in return. Pancake was launched by anonymous developers in September 2020. Pancake allows users to trade BEP20 tokens and provide liquidity to the exchange while earning fees. They can also stake LP tokens to earn CAKE.
The market sentiments are as of now trading in the greed zone around 63 in the greed and fear index while seeing an increase of 2 points since the last week when the sentiments were trading around 62 points according to the Alternative(dot)me. While the sellers are currently overwhelming the CFX price.
Technical Analysis ( 1 Day Timeframe )
The Pancake price is currently taking support from the base level of the trend line around $3.553 while also making a bullish hammer pattern indicating a reversal in the trend. If the price makes a bullish engulfing candle for confirmation it can make a rally of more than 10 percent while its recent support level is around $3.500 which is 5 percent below the current price. The RSI line has recently crossed above the 14 SMA supporting the current price action.
Technical levels –
Support -$3.553
Resistance – $3.973
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
