Home
News
- 1 The CAKE crypto has exhibited a strong sign of deterioration as the price tumbled from a crucial level.
- 2 The CAKE crypto asset is displaying bearish characteristics as MACD indicates a bearish cross.
PancakeSwap is a decentralized platform that authorizes its users to swap distinct coins and tokens without relying on centralized exchanges.
It runs on BSC, a blockchain network that is swift and affordable. PancakeSwap is mostly famous for its speed and its minimal costs, which usually attracts users who want to trade coins without using a central exchange.
The exact developer of PancakeSwap is unknown because the project is run by a group of anonymous developers. PancakeSwap was made by some developers and is kept by a group of developers, users, and supporters.
Anyone who has a wallet that works with Ethereum can use PancakeSwap if they can connect to BSC. PancakeSwap has a simple and easy interface that aids users in swapping coins and tokens securely.
CAKE Crypto On 1-D Time Frame
The CAKE crypto asset is exhibiting bearish features and can reach lower levels. It has displayed poor performance in the previous week as it dropped by 9.52%, which is signifying a strong downward force.
The CAKE crypto has exhibited a strong sign of deterioration as the price tumbled from the crucial level of around $3.5. The supply level seems strong as the price declined by following the downward trendline.
Now, it looks like, the CAKE crypto is headed for a steep drop, as it meets the resistance level and falls. CAKE crypto asset is displaying bearishness as it plunges below the 20, and 50-Day EMAs.
Furthermore, the CAKE crypto asset is displaying bearish characteristics as MACD indicates a bearish cross which is below the zero line at -0.01408070 and the RSI is falling smoothly as RSI is facing resistance from 14-SMA, where RSI is at 43 and 14 SMA is at 48, thus implying that the CAKE asset is losing momentum and can achieve new depths.
At the time of publishing, CAKE crypto’s current market price was $2.7506 with an intraday loss of 1.49% while the trading volume of the last 24 hours is 81.451 Million. The trend got violated from an uptrend and has turned bearish.
Therefore, if the CAKE asset’s price fails and surpasses the previous important level of $2.50, it could decline further. On the flip side, if the CAKE price sustains the current level, then it could claim upper levels and could aim to retest the supply level again at $3.500.
Summary
The CAKE crypto chart shows a strong downtrend as the price tumbled from the crucial level of around $3.5. Now, reliant on the seller’s surge, it could reclaim the lower levels as well.
Therefore, if the CAKE asset’s price fails and surpasses the previous important level of $2.50, then it could decline further.
Technical Levels
Support Levels: $2.50
Resistance Levels: $3.50
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets 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.
