The PancakeSwap crypto is hovering above the 20 and 50-Day EMAs over the daily chart. The sellers are holding the grip for the last couple of sessions as the price closed in red on Tuesday and has been trading lower by Today’s evening session.
Moreover, the bulls are trying to sustain the price at the higher levels in order to break out of a correction phase. Also, the $2.85 level and $3 level are acting as the recent supply zones in the short term.
Earlier, the PancakeSwap crypto maintained a short term correction phase till the last week of January 2024 and dropped below the 20 and 50-Day EMAs. However, the price got support from the buyers near the previous breakout zone which resulted in the termination of further downfall.
The failure of sellers attracted more buying volumes to enter the market and a double-bottom pattern was noted on the charts. The buyers kept on thrusting higher surpassing the hurdle of 20 and 50-Day till the recent supply zone.
PancakeSwap Long Term Trend Analysis
The broader term outlook still lies on the positive side above the key Exponential moving average of 200-Day EMA. The price performance of the last few months shows that the CAKE crypto reversed its course and turned bullish in October 2023.
Thereafter, the crypto made its way from $1.38 in November to a high of $4 in the last sessions of December 2023. SInce then, the CAKE crypto has been in a short term correction phase.
PancakeSwap Price Short Term Outlook
Furthermore, The short term trend is currently indecisive and sideways. The buyers have regained control at the lower levels but are yet to show their strength in order to surpass the hurdles of higher supply levels.
Currently, the price is consolidating near the recent supply zone indicating the buyers are trying to hold at the CMP. Fresh upside moves may be observed on the charts if the crypto breaks above the recent supply of $2.8 level. It may validate the termination of a short term correction phase. The price may keep on edging higher to conquer higher supply levels of $3 and $3.5.
PancakeSwap Price Prediction for February 2024
The most bullish observation of our analysts assumes a breakout of the recent supply of $2.8 level which may unlock the higher supply levels of $3 and $3.5 levels. Whereas, the bearish view of our analysts expect the price to drop till the previous demand zone of $2.35 level.
PancakeSwap Price Prediction for 2024
The price prediction for 2024 shows that the CAKE token may advance to a high of $4.48 by the end of year 2024. On the contrary, the less optimistic view of our analysts expects the price to reach $3.66 by the end of 2024.
PancakeSwap Price Prediction for 2025
Over the next two years, The CAKE price may hit the $6.67 mark, suggesting an upside potential of 148.58% by 2025. The pessimistic view is that the price could reach $4.88 by the end of the financial year 2025.
