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- CAKE price is currently trading at $3.625 while seeing an increase of 10% in the 24-hour trading volume.
- The CAKE price declined by 0.85% in the last 24 hours.
Pancake(CAKE) price is currently moving on an overall bull trend despite the recent bearish sentiments in the market. It’s yet to cross over the 200 day EMA which is often considered the deciding factor of the major trend in the market.
The CAKE price is at percent trading around the demand zone near $3.550, moving on an uptrend. The ongoing price action suggests that the price can see a bullish reversal from the recent support level near its trendline in the near future. The price has been respecting its trend line for the past 10 months by consistently taking support from it recently.
CAKE Price Near the Demand Zone on the ( 1 Day Timeframe)
In our previous analysis regarding the CAKE price, our analysts predicted that the current short-term trend of the CAKE price can make a bearish reversal. After giving a bullish rally of 15 percent, the Pancake price started taking resistance from the $4.000 level. After that, it made a downward curve, suggesting that the price can take a bearish correction of 12%.
This conclusion was made because the price at that time was taking rejection from 100 EMA. On the other hand, the RSI line had also given a bearish crossover below 14.
Technical Analysis (1-Day Timeframe )
As of now, CAKE price took a bearish rejection from the 100 EMA where its support level is just 4% below the current price. The RSI line is giving a bearish crossover below the 14 SMA after taking rejection from the median line. The current value of RSI is 42.93 points whereas the 14 SMA is trading just above it at around 45.48 points.
Conclusion
According to our analysts, CAKE price is taking a bearish correction near the demand zone. Hence after taking a slight correction of 3-4%, CAKE price can make a bullish reversal of 9% or more. Although, the price will have to cross quite a few resistance levels before making a major bull trend.
Technical levels –
Support -$3.469
Resistance – $4.108
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.
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.
