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- 1 CAKE token price shows a rejection near the round mark of $3.00.
- 2 Buyers are facing selling pressure and retraced to the 20 day EMA.
Pancake token (CAKE) showed a vertical spike and rebounded from the lows of $1.00, indicating a buyers accumulation. Moreover, the token has done its correction phase and noted a reversal in the recent sessions. The token has justified smart recovery and trapped the sellers during the current crypto pump. Furthermore, the CAKE token has surpassed the key moving averages and halted the gains at the 20-day EMA mark.
Recently, the CAKE token has hit the round mark of $3.00 and showed buying momentum on the charts. The technicals indicate that the CAKE token has attained strength and is delivering outperformance on the charts. Pancake token has escaped the 38.2% Fibonacci retracement zone and is close to the mid bollinger band.
The live price of Pancake is $2.32, with an intraday gain of 1.71%, showing neutrality on the charts. Moreover, the trading volume increased by 14.16% to $48.01 Million. However, the pair of CAKE/BTC is at 0.0000601 BTC, and the market cap is $3.37 Billion. Analysts have maintained a buy rating and suggest that the CAKE token will soon reach the $5.00 mark.
Will CAKE Price Reach $5.00 This Month?
On the daily chart, the CAKE token price escaped neutrality and highlighted buying momentum in the past number of sessions. Furthermore, the token regained its strength and will retest the swing high of $5.00. The token was in a downtrend in the past few months, bullishness is expected in the coming months.
The RSI curve is above neutrality and showed a negative crossover, highlighting the profit booking on the charts. The MACD indicator shows a bearish crossover and red bars on the histogram, suggesting retracement in the past number of sessions.
Weekly Charts Shows Rejection From 50 Day EMA?
On the weekly chart, the CAKE token flipped from the bottom mark of $1.00 and retested the 50-day EMA mark, but failed to surpass it and is struggling to overtake the barrier. However, the token is gaining strength, and buyers are attempting to resume the rally and trying to reach the $5.00 mark.
Summary
PancakeSwap token (CAKE) sustained the gains near the 20-day EMA mark and is waiting for a pullback to surpass the hurdle of $3.00. Furthermore, the price action shows buying momentum.
Technical Levels
Support Levels: $2.00 and $1.80
Resistance Levels: $2.70 and $3.20
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
