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- 1 PancakeSwap price fell 18% in the current week.
- 2 CAKE price below 200 and 50 day EMA showcase downtrend.
- 3 PancakeSwap price approaching toward the yearly low.
PancakeSwap Price fell 18% on the current week and broke down the important support level of $3.00. It triggered the negative sentiment and prices are approaching yearly lows.
CAKE price formed a bearish pattern and collapsed down with a strong momentum. It shows some investors have taken exit from the higher levels and expecting more downside. However, CAKE price is near to the yearly lows and it will act as an immediate support in the coming weeks.
PancakeSwap crypto also witnessed a massive spike in the selling volume and prices followed the downward direction. It shows that sellers are more active as compared to buyers. The price is trading below the 200 and 50 day EMA showcase positional trend is in the downward direction.
PancakeSwap Price is trading at 2.745 with an intraday decline of -0.36%. The 24 hour volume to market cap ratio is at 0.1909. The pair of CAKE/BTC is trading at 0.0000933 with an intraday decline of -0.74%. The chart structure of CAKE with BTC pair is also in downtrend and hitting the yearly low. It shows high correlation with the USDT pair and sellers are continuing the dominance.
At the beginning of February, PancakeSwap attempted to break the $4.500 hurdle but got rejected. Later, slow and steady prices began to decline and reverted in a downward direction.
Will PancakeSwap price hit a fresh low or rebound?
PancakeSwap Price corrected 27% approx from the swing high and downfall took halt at $3.416. Later, CAKE price consolidated for a few weeks in the narrow range between $3.416 to $4.000 in hope of range expansion. Sadly, prices broke down the lower range and prices expanded downside.
Presently, CAKE price is near to the demand zone and if buyers succeed to defend $2.490 support then the rebound is possible. On the other hand if the price drops below the support then it may hit the fresh yearly low. Moreover bears might try to drag it down to $2.00.
CAKE price eroded gains of the past one year
CAKE price eroded the gains of the past one year and still no signs of recovery is visible. It shows buyers lacked confidence on the PancakeSwap and the support level is at risk. PancakeSwap price will gain positive momentum when buyers succeed to break out of the $3.400 hurdle. Till then prices are expected to trade with bearish bias and might enter into consolidation.
Conclusion
PancakeSwap price fell 18% in the current week and broke down the lower range of consolidation. CAKE price is in a strong downtrend and possibility of hitting fresh yearly low is high. The technical analysis suggests, CAKE price is in bear grip and any short term pullback might fail to sustain the higher levels. Till price is below $3.400 it is expected to consolidate with a bearish bias.
Technical levels
Resistance levels : $3.400 and $4.745
Support levels : $2.490 and $2.000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes 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.
