PancakeSwap price has been in a strong bearish trend since the month of february. Like most of the Altcoins, PancakeSwap also started the year 2023 with a bullish rally rising from the low of $3.155 and causing a rally of approximately 50%.
This move helped in the creation of yearly at $4.738 level.Cake price received rejection above $4.60, which ignited a bearish momentum in the price. The cryptocurrency price has been in a bearish momentum ever since. The break of major yearly low and support level of $3.12 fueled the bearish rally which has pushed the price to current level.
Currently, Cake price is stuck in a consolidation zone ranging between $1.53 and $1.77 level. For the price to recover, it needs to gain bullish momentum and rise above the resistance level of $1.925.
Cake price is down by -96.35% from the all time high of $44.18 level. If bears can push price below the recent support of $1.53, there is a high probability that price might head toward $1.
PancakeSwap Worth $81 Million Burned
40.7 Million cake, worth $81 Million was burned last month with an effective emission rate of 4,57 cake/block. Cake total volume reached $15 Billion with an average trading volume of $480 Million.
Multiple farms migrated from PancakeSwap V2 to V3 in the month of May. developers successfully migrated six farms from V2 to V3 in May, Including CSIX (cake), C98 (BNB), GAL (BNB), Peel (BUSD), BNBX (BNB), ID (USDT).
Will Cake Price Fall to $1 Level?
Cake price trades below 20,50,100 and 200-Day EMAs indicating bearish momentum in the price. Chaikin money flow score is -0.16 indicating weakness in the market. CMF has not crossed above the 0 mark since April. The relative strength index was in the oversold zone for the whole month of May.
During the end of May, RSI started to rise from the oversold zone and is currently at 34.98 indicating a slight increase in the participation of bulls. Cake price received rejection from the 20-day SMA of bollinger and is hovering near the lower band.
Conclusion
The market structure and price action of PancakeSwap price is bearish. Although, cake price witnessed an increased participation of bulls but still remained below the previous zone. The Bulls need to break the $1.925 level to attract more investors.
The technical parameters are showing signs of slight bullishness but are still on selling side if the latest support level is broken. The market capitalization of PancakeSwap rose by 1.98% and is $326 Million.
Technical levels
Major support: $1.53 and $1
Major resistance: $1.77 and $1.925
