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- 1 PancakeSwap is currently trading at $1.55, seeing a nifty surge of 104.3% in the 24-hour trading volume.
- 2 The PancakeSwap price recorded a gain of 12.48% in the last 7 days.
PancakeSwap price prediction suggests the Pancakeswap coin is in grave peril. The pancake price recently made a breakdown through its last line of defense which presents a foreboding picture regarding the future outlook of the token. The Investor’s sentiments are turning bearish whereas the trading volume has increased significantly suggesting that the token is being exchanged actively among the buyers and sellers.
The candlestick patterns in Pancakeswap price action indicate that the bulls are not ready to surrender their control over the market yet. An engulfing green candle is forming in the price action which is giving a breakout to the consolidation channel. The price is presently trading under bears’ grasp; a number of crucial barrier levels await the buyers which might prove to be a challenging obstacle for them to come over.
Pancakeswap is a decentralized exchange platform where users can swap BEP20 tokens on a major exchange smart chain. Pancake swap uses an automated market model where the users trade against a liquidity pool. Pancake also allows users to farm additional tokens – CAKE and SYRUP.
Increase In Bearish Levels Regarding PancakeSwap
Investors are seeing an increase in bearish sentiments regarding the CAKE token on a weekly time frame. The trading volume is observing a significant increase which suggests that the token is being traded actively among buyers and sellers for the past few weeks.
The total bearish sentiment metrics of the buyers have surged by 39.16%. There is a fall of 17.82% in the total social engagement level. The 24-hour trading volume of Pancakeswap is up by 104.3%.
Technical Analysis of PancakeSwap Price
The RSI line is coming out of the extreme oversold levels making a higher high and low pattern. The current value of the RSI is 51.36 points. The value of 14 SMA is 39.00 points providing support to the RSI line. As the RSI line indicates that the CAKE price may attempt to make a recovery by moving above the demand zone.
Conclusion
According to the analysis, the buyers are presently prominent in PancakeSwap price action. Investors are seeing an increase in bearish sentiments regarding the CAKE token though candlestick patterns in Pancakeswap price action indicate that the bulls are not ready to surrender control over the market yet
Technical Levels:
Support –$1.200
Resistance – $2.000
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.
