PancakeSwap price prediction suggests that CAKE’s price is moving under the bear’s influence. The price recently saw a sharp decline in its value after breaking below its support zone around with a bearish marubozu candle which announced the arrival of bears with strong momentum.
The major cryptocurrencies in the overall market are taking a bearish turn; which may cause the price to reflect overall market sentiments. The PancakeSwap is seeing a severe fall of 63% in its value over the past 3 to 4 months. After the downturn, there is a decline in the buying and selling pressure.
At present, the PancakeSwap price prediction indicates that there is a decline in trading volume. It is moving within a wedge making a flag and pole pattern. The investors might wait for a breakout to be made before deciding on the direction of a trend.
Decrease In Bullish Levels Of PancakeSwap Crypto
The total bullish sentiment metric is up by 75.78%. Overall social engagement level has also surged by 61.22% whereas a fall in the 24-hour trading volume of 28.38% indicates an increase in trading activity.
The overall metrics in the LunarCrush platform are performing well which suggests that the potential buyers in the community are bullish regarding PancakeSwap. The sentiments of investors in the community are positive.
PancakeSwap Price Prediction: Technical Analysis On Daily Timeframe
The PancakeSwap price prediction suggests that the token is presently majorly undervalued compared to the price it was trading, in the last few months. Despite being in the demand level, the price is yet to give any bullish indication. According to the price action, the PancakeSwap price is on the verge of breaking out.
The relative strength index (RSI) line is consolidating. The current value of the RSI is 48.85 points and the value of the 14-day SMA is 48.85 points. The RSI line is taking constant resistance from the median line and may decline.
At present, the stochastic RSI is above the neutral value though %K and %D line can provide a negative interception. The value of the stochastic RSI is 52.74 points.
Conclusion
As per the PancakeSwap price prediction, the major cryptocurrencies in the overall market are taking a bearish turn; which may cause the price to reflect overall market sentiments. The token is presently undervalued, however, a reversal is yet to be made.
Technical Levels:
Support –$1.50
Resistance – $3.00
