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- CAKE price is currently trading at $2.705 while seeing a change of -22% in 24-hour trading volume.
- The price has been observing a decline of 0.02% in the last 24 hours.
- Pancake is trading under a severe downturn after the breakdown through the trendline.
The bullish optimism in CAKE price is taking a bearish turn. Investors’ sentiments are taking a sharp turn toward the greed zone within a short period of time. Recently after breaking the trend line with a strong momentum near mid-February, the price saw a major selloff of 28% that occurred within a week’s timeline.
Presently the price of CAKE is due for a correction as the market is trading in oversold levels and the price has taken a sharp divergence from EMA’s. The price always comes for a retest from the EMA’s before continuing the trend that can also be observed by historical price action. As the price has not taken a retest within previous days a short bullish rally before the continuation of the trend is expected.
Technical Analysis of the CAKE Price
The price is experiencing a significant influence of bears presently. On the weekly timeframe, the price is trading near its previous support level, and on both weekly and daily Timeframes the Oscillators are trading near the demand zone. Though the price does not have any significant support level at the moment. Hence the buyers might be cautious regarding the reversal.
The recent bearish movement may have been caused by the recent decline in the major cryptocurrencies where a sharp fall of 10 to 14 percent was observed near mid-April. That is about the same time when the CAKE price broke its bull trend.
The RSI line is currently trading near the oversold levels below 30 points. The current value of the RSI is 16.08 points which are trading below 14 SMA. The value of 14 SMA is 34.81 points. The making of a slight curve in the RSI line is suggesting that it can soon see a bullish reversal.
Stochastic RSI is trading near the extreme demand zone below 30 points. The %K has crossed below the %D line near the oversold levels. The stochastic RSI is indicating bullishness within the upcoming days.
Conclusion
As per the analysis, CAKE’s price is trading near the demand zone. The CAKE price may find support from the price of $2.600 and its resistance level is around $3.400, with the next major support level being at $3.600. According to the oscillators, the price can take a bullish rally in the near future on the bigger timeframes.
Technical levels –
Support – $2.600
Resistance – $3.600 and $3.400
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.
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.
