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PancakeSwap Price Analysis: CAKE spikes to $18.5, rapid reversal to follow?

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PancakeSwap price analysis is bullish for today as a retracement of more than 25 percent was seen over the last 24 hours, and a heavy rejection for further downside was seen around the $18.5-$21 price area. Therefore, we expect CAKE/USD to reverse and look to regain the loss later today.

PancakeSwap Price Analysis: CAKE spikes to $18.5, rapid reversal to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded with strong bearish momentum over the last 24 hours. Market leaders, Bitcoin and Ethereum, are down by 8.36 and 10.62 percent, respectively. Meanwhile, Solana (SOL) is the best performer, with a gain of over 13 percent.

PancakeSwap price movement in the last 24 hours: PancakeSwap drop more than 25 percent

CAKE/USD traded in a range of $18.83 – $24.90, indicating extreme volatility over the last 24 hours. Trading volume has increased by 38.5 percent and totals $596.1 billion, while the total market cap trades around $4.62 billion, ranking the coin in 32nd place overall.

CAKE/USD 4-hour chart: CAKE starts to regain today`s loss

On the 4-hour chart, we can see heavy rejection for further downside, with CAKE/USD returning back above $20.

PancakeSwap Price Analysis: CAKE spikes to $18.5, rapid reversal to follow?
CAKE/USD 4-hour chart. Source: TradingView

PancakeSwap price has struggled over the past week. After setting a new several-month high at $26.57, a drop of almost 20 percent was seen last week. Support was initially found at $21.50, and a higher low was set around $25 yesterday.

However, bulls lacked the momentum to push the market price any higher, and another retracement began today. The previous low of $21.50 was broken rapidly, ultimately sending CAKE/USD to $18.5, where the 50 percent Fibonacci retracement is seen from the previous significant upswing.

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Since further downside was heavily rejected, we assume that the PancakeSwap price will continue to increase later today. Overall, this price action development could lead towards another several-week rally above the $26.57 current swing high.

PancakeSwap Price Analysis: Conclusion 

PancakeSwap price analysis is bullish for the next 24 hours as any further downside was rejected over the past hours, and the market price has returned above the $20 mark. Therefore, we expect CAKE/USD to continue reversing and reclaim most of the loss over the next 24 hours.

While waiting for PancakeSwap to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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PancakeSwap Price Analysis: CAKE sets higher low at $22, ready to break higher?

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PancakeSwap price analysis is bullish for today as a new higher low was set today above $22 and bulls currently push the market higher. Therefore, we expect the $23 resistance to break later today and CAKE/USD to set a new higher high.

PancakeSwap Price Analysis: CAKE sets higher low at $22, ready to break higher? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the red over the last 24 hours. The market leader, Bitcoin is down by 1.46 percent, while Ethereum is down by 3.33 percent. Meanwhile, Polkadot (DOT) is among the worst performers today, with a loss of 5.38 percent.

PancakeSwap price movement in the last 24 hours: PancakeSwap retraced to set a higher low at $22

CAKE/USD traded in a range of $21.88 – $22.72, indicating mild volatility over the last 24 hours. Trading volume totals $269.9, down by 19.1 percent from yesterday, while the total market cap trades around $5.5 billion, ranking the coin in 32nd place overall.

CAKE/USD 4-hour chart: CAKE looks to break $23

On the 4-hour chart, we can see bulls gaining momentum over the past hours as the PancakeSwap looks to break past the $23 resistance.

PancakeSwap Price Analysis: CAKE sets higher low at $22, ready to break higher?
CAKE/USD 4-hour chart. Source: TradingView

The Pancakeswap price action has seen strong volatility over the past weeks. On the 7th of September, CAKE/USD saw a quick drop of almost 30 percent, with a new swing low established around $18.5.

What followed was a consolidation sideways for several days, with the $18.5 support retested twice. On the 13th of September, CAKE finally broke higher and set a higher high at $23.

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This swing high was retested again yesterday after CAKE/USD retraced to retest the $21 previous resistance as support. Overall, this PancakeSwap price action development should lead towards more upside over the next week, with the next significant resistance at $26 likely to be reached.

PancakeSwap Price Analysis: Conclusion 

PancakeSwap price analysis is bullish today as a new higher low was set around $22, and bulls have started gaining momentum again. Therefore, we expect CAKE/USD to break the $23 resistance and move towards further highs next week. 

While waiting for PancakeSwap to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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Pancakeswap Price Analysis: CAKE spikes back to $24.25 resistance, reversal to follow?

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Pancakeswap price analysis indicates bearish momentum to follow today as the market saw a quick spike to $24.25 resistance, where further upside was rejected. Therefore, we expect CAKE/USD to reverse later today and look to move back to the $23 support.

Pancakeswap Price Analysis: CAKE spikes back to $24.25 resistance, reversal to follow? 1
Cryptocurrency heat map. Source: Coin360

The majority of the crypto market traded in the red over the last 24 hours. The market leader, Bitcoin is down by 1.53 percent, while Ethereum by 2.04 percent. Litecoin (LTC) and Filecoin (FIL) are the best performers, with a gain of around 6.5 percent.

Pancakeswap price movement in the last 24 hours: Pancakeswap rallies to $24.5

CAKE/USD traded in a range of $23.17 – $24.59, indicating milf volatility over the last 24 hours. Trading volume has decreased by 4.62 percent and totals $402 billion, while the total market cap trades around $5.28 billion, ranking the coin in 34th place overall.

CAKE/USD 4-hour chart: CAKE set to retrace?

On the 4-hour chart, we can see the Pancakeswap price rejecting further upside after a quick spike above the $24.25 resistance.

Pancakeswap Price Analysis: CAKE spikes back to $24.25 resistance, reversal to follow?
CAKE/USD 4-hour chart. Source: TradingView

Pancakeswap price has seen a strong advance over the past weeks. After setting a new swing low around $11 on the 20th of July, CAKE/USD gained more than 140 percent until resistance was found at $26.5  on the 26th of August.

A strong retracement of almost 20 percent to the $21.5 mark on the 1st of September followed. Over the following 24 hours, CAKE/USD saw a quick rally to $24.25 resistance, where further upside was heavily rejected, and another lower high was set.

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Since then, the Pancakeswap price consolidated above $23 until a quick spike higher was seen over the last hours. However, since we can see strong selling pressure at the $24.25 resistance again, we expect CAKE/USD to retrace later today and look to reach further lows.

Pancakeswap Price Analysis: Conclusion 

Pancakeswap price analysis is bearish for today as the market saw a quick spike to the $24.25 resistance earlier today and currently rejects further upside. Therefore, we expect CAKE/USD to reverse later today and look to retest the $23 support again.

While waiting for Pancakeswap to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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Pancakeswap Price Analysis: CAKE sets a higher low at $24.25, ready to break above $26?

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Pancakeswap price analysis is bullish for today as the market set a higher low at $24.25 yesterday and consolidated to form a base from which to move higher overnight. Therefore, we expect CAKE/USD to rally higher later today and look to finally break the $26 resistance.

Pancakeswap Price Analysis: CAKE sets a higher low at $24.25, ready to break above $26? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours. The market leader, Bitcoin, is up by 1.84 percent, while Ethereum is up by 3.24 percent. Meanwhile, Cardano (ADA) is among the best performers, with a gain of 0.4 percent.

Pancakeswap price movement in the last 24 hours: Pancakeswap established another higher low at $24.25

CAKE/USD traded in a range of $24.22 – $25.53, indicating a low amount of volatility over the last 24 hours. Trading volume has decreased by 18.55 percent and totals $544.9 billion, while the total market cap trades around $5.45 billion, ranking the cryptocurrency in 29th place overall.

CAKE/USD 4-hour chart: CAKE on its way past $26?

On the 4-hour chart, we can see the Pancakeswap price moving higher over the past hours as bulls are ready to break the $26 resistance.

Pancakeswap Price Analysis: CAKE sets a higher low at $24.25, ready to break above $26?
CAKE/USD 4-hour chart. Source: TradingView

The Pancakeswap price action has traded with a strong and steady bullish momentum over the past month. After setting a higher swing low around $11 on the 20th of July, CAKE/USD started to rally and has since gained over 140 percent.

 After reaching the $26 mark on Tuesday, CAKE saw a quick retracement to the $23 mark, where a higher low was set. However, the subsequent rally could only briefly set a higher high above $23, sending Pancakeswap price into another retracement.

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This CAKE price action development resulted in a more than 24-hour long consolidation above the $24.25 mark, where support and a higher low was found. Earlier today, CAKE/USD started to rally higher again, indicating that we can expect another higher high to be set over the weekend. The next significant resistance is located around the $28 mark.

Pancakeswap Price Analysis: Conclusion 

Pancakeswap price analysis is bullish for the weekend as the market has established another higher low and has started to rally higher over the past hours. Therefore, we expect CAKE/USD to break through the $26 resistance later today and look to reach the next price target at $28 over the weekend.

While waiting for Pancakeswap to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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