Pancakeswap
CAKE Price Analysis: Bears behind the eight ball as PancakeSwap rises
- CAKE/USD is currently priced at $6.43 and has increased by 1.44% over the past day
- The technical indicators suggest a positive outlook
- The trading volumes have increased by 1% over the past day
Short Term View: Underlying bullishness carries PancakeSwap further
The PancakeSwap price today is $6.43 USD with a 24-hour trading volume of $179,330,579 USD. PancakeSwap price is up 1.44% in the last 24 hours. The trading volumes have remained stable over the past day, with only a slight gain seen in the trading volume metric. The Volume to Market Cap Ratio, on the other hand, stands at 0.1001.
PancakeSwap is currently building up momentum towards greater highs, with the technical indicators lending credence to the bullish stance. The altcoin is currently trading above the 20, 50 SMA on the four hour chart.Traders may consider trading long positions if the PancakeSwap price breaks through the resistance placed at $6.6.The support, on the other hand, is located at 6.18 USD and is the bearish objective to target. A bearish break of this support would signal the revival of the bearish momentum.
Long Term View
PancakeSwap is currently in the midst of an uptrend, with the technical indicators providing dynamic proof. The RSI stands at 49.76, giving off a neutral signal. The green histograms on the MACD indicator are increasing in size on the daily chart. The gap between the MACD and signal lines is increasing as well, which validates the bullish momentum.
Conclusion
In the short term, the general bullish sentiment is not called into question for PancakeSwap, with the technical indicators validating as such. With the current pattern, traders need to monitor for possible bearish excesses that may lead to small corrections in the very short term.
- Support: $6.18
- Resistance: $6.6-$6.85
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
