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- 1 CAKE price has breached the trendline support zone of $3, showing a negative outlook.
- 2 Technical indicators suggest further price correction.
The CAKE price is below the key moving averages and depicts lower low swings delivering a bearish outlook. Moreover, the price action shows that the PancakeSwap token price has breached the crucial support zone of $3 and is trading in the bearish region. Recently, the token has registered a breakout of the rounding bottom pattern and reached the cliff of $5. Afterward, due to the negative market sentiments, slow & steady buyers have lost over 40% of gains and retested the origin.
At press time, the PancakeSwap token (CAKE) price traded at $2.75 with an intraday surge of 2.11%, reflecting neutrality on the charts. It has a monthly return ratio of -40.20% and 1.10% yearly. The pair of CAKE/BTC is at 0.0000432 BTC, and the market cap is $4.55 Billion. Analysts are neutral and suggest that the CAKE crypto may continue to drag gains and will retest the demand zone of $2 ahead.
CAKE Price Volume Profile Analysis On Daily Chart
Per the Santiment data, the price-to-volume profile of the CAKE token witnessed a correction and has dragged below the key support mark of $3 mark. Additionally, the token has dragged below the key moving averages and is trading in the bearish region. However, the trend is neutral, and buyers are putting efforts to regain momentum and preparing for a rebound. The intraday trading volume dropped over 20.25% to $24.70 Million.
Price Volatility and Weighted Sentiment Outlook
Amidst the price rebound over 2%, the price volatility curve sharply dropped over 22.20% to 0.089% replicating a negative trend. Similarly, the weighted sentiment looks negative and slipped toward the oversold region around -1.414.
Social Dominance and Social Volume AI Insights
Per the Santiment data, the social dominance data witnessed a decline of over 17.09% to 0.439%, signifying negative sentiment among the investors. However, the social volume data looked negative and stayed in the bearish region around 2
Total Amount of Holders and Active Addresses Insights
The total amount of holders data witnessed a consistent up move and surged to 1.64 million. However, the active addresses data remained neutral and stayed close to the midline around 21.2k.
Per the Fib levels, the CAKE price is trading below the 23.6% zone and has dragged to its lower Bollinger Band zone. Similarly, the RSI curve stayed in the oversold region, and a negative crossover was noted on the charts.
The total supply of CAKE crypto is 1.65 Billion, whereas the volume-to-market cap ratio is 0.00541, ranked 26 in market cap in the global crypto market.
Summary
The PancakeSwap crypto looks bearish on the charts and is trading in the bearish region signifying seller dominance. Moreover, the trend is negative and sellers have persisted in adding short positions and are eyeing to push the token toward the $2 mark.
Technical Levels
Support Levels: $2.40 and $2
Resistance Levels: $3 and $3.30
Disclaimer
The views and opinions stated by the author or any other person in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
