PancakeSwap price bounced back after taking support from the $1.3099572 level. It already broke the 50-moving average.
The PancakeSwap has been on a downtrend for a long time, dropping from its peak levels and forming lower-low patterns. The coin’s price inclined by 3.32% in the last 7 days.
The price data for CAKE shows that the market sentiments about CAKE are neutral. From its highest price of $43.96, it dropped 96.55% in 2 years, eating into investors’ wealth.
The PancakeSwap trading volume of 24 hours is $32.308 Million and the last 10 days’ average volume is 101.349K. There is no huge increase in the volume of the coin indicating neutral sentiments.
Some of the factors that could influence PancakeSwap’s price in the future are the overall market sentiment, the demand and supply of the coin, the competition from other decentralized exchanges, and innovation and development on the PancakeSwap platform.
PancakeSwap could benefit from its low fees, high speed, and diverse features, but it could also face challenges due to regulatory uncertainty, security risks, and technical glitches. Therefore, traders should do their own research and analysis before investing in PancakeSwap.
PancakeSwap Technical Analysis
PancakeSwap’s price has risen above the 50-day SMA but remains below the 200-day SMA, indicating a mild bullish trend. However, if buyers keep pushing the price higher, PancakeSwap could enter an uptrend and break the 200-day SMA resistance.
The RSI is hovering around the neutral zone, with a value of 52.28. The 14 SMA has a value of 49.55, which also shows that the market is in a balanced state. However, a significant increase in PancakeSwap’s price is likely if it surpasses the 200-day SMA level.
The MACD is also neutral, with the MACD line at 0.0041503 and the signal line at -0.0026513 above the zero line. This suggests that the MACD is not showing any clear direction for the market at the moment.
Conclusion
In conclusion, PancakeSwap’s price is showing some signs of recovery after a long downtrend, but it still faces strong resistance from the 200-day SMA. The technical indicators are also neutral, indicating a lack of momentum and direction in the market. Traders should be careful and look for a confirmation signal before taking a position on PancakeSwap.
Technical Levels:
- Support Level- $1.30995.
- Resistance Level– $1.792.
