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- 1 The PancakeSwap price forecast suggests a correction is expected in 2024.
- 2 The CAKE price broke the 50-day moving average, showcasing that the trend is turning bearish.
- 3 The PancakeSwap price declined by 1.99% in the previous 24 hours, showcasing bearishness on the daily timeframe.
According to the PancakeSwap price forecast, the CAKE price is expected to undergo a correction. It is currently hovering around the value of $5.23 and has recently dropped below the 50-day EMA.
The overall trend is still positive as the price is above the 200 moving average and the buyers actively support the price at lower levels. These buyers continue to accumulate the cryptocurrency at these levels, highlighting their presence in the market.
Technical Analysis Of PancakeSwap (CAKE) Price
Moreover, the price action is advantageous for buyers and the charts show continued growth movement and a bounce back. At press time, CAKE was bearish, down 1.99% intraday and trading at $3.75. Moreover, the 24-hour trading volume is $117.40 Million. The market capitalization of CAKE is $909.09 Billion.
The cryptocurrency’s performance was satisfactory throughout the year. It experienced a negative return of 0.50% in the past year. However, it showed an impressive return of 236.25% over a six-month period and a return of 23.62% over three months. On the other hand, it faced a loss of 7.98% in the last month. In the current week, it is struggling to keep up with the lower support level, and the bears have taken over, causing it to lose by around 6.11%.
Price to Volume and Social Dominance
Social dominance, price and volume, have been declining steadily over an extended period. The volume and social dominance reflect less stability than the price, meaning bearishness in the price.
The CAKE cryptocurrency, also known as PancakeSwap, is currently trading above its 100-day and 200-day daily moving averages (DMAs). This is a strong indication of its price momentum. The current RSI value is 43.05 points, while the 14 SMA is at 51.46 points, showing that the PancakeSwap cryptocurrency is in a neutral state.
The MACD line of the CAKE cryptocurrency is at -0.02492092, and the signal line is at 0.05943290, both of which are above the zero line. However, there is a bearish crossover in the MACD indicator, which indicates that the price momentum of the CAKE cryptocurrency is weak.
Summary
The PancakeSwap (CAKE) price is expected to go through a correction, although the overall trend remains positive. The price is currently hovering around $5.23 but has dropped below the 50-day EMA. Buyers are still actively supporting the price at lower levels, indicating their ongoing presence in the market. Moreover, the cryptocurrency’s performance was satisfactory, with an impressive return of 236.25% over a six-month period. However, it faced a loss of 7.98% in the last month and is struggling to keep up with the lower support level in the current week.
Technical Levels
Support Levels: $3.18
Resistance Levels: $4.00
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
