PancakeSwap Price Analysis: is this the right time to taste the CAKE or should wait for the gathering?

• PancakeSwap token again caught in seller’s clutches through psychological round of $10.
• The CAKE token saw a 18% drop in trading volume over the past 24 hours.
• The PancakeSwap token with the bitcoin pair is looking slightly bullish at 0.000201 satoshis.

The PancakeSwap token is looking into bearish territory on the weekly time frame after reversing from the $10 psychological round level. Since then, the coin has lost over 30% in the past 10 days. On the other hand, CAKE has had a improved bull run in March as the price has risen almost 60% after reclaiming $6 as support.

Since the vital $10 resistance level, the CAKE token has been continuing the downwards momentum below the bearish trendline (white). The bearish trendline may act as an impact directional trend while recovery.

However, the leading span B of the Ichimoku indicator (at the $8.1 mark) seems to be a bullish barrier nowadays. Thus, the price is trading at $8.04 (below Ichimoku Cloud) at the time of writing, which according to CMC appears to be neutral over the past 24 hours. Similarly for the USDT pair, the cake token with the bitcoin pair is trading sideways at 0.000201 satoshis.

As per the VPVR indicator, if the bulls fail to recap, the cake finds immediate support at $7.0. Meanwhile, the token saw its trading volume drop by around 12% during the past night.

Are you ready to bite into the CAKE?

With reference to the daily price chart, the RSI looks to be below the half-line (50-mark) after returning from the overbought zone. If the bears keep the CAKE coin below the $10 mark, it is likely to stay below the halfway point for the month.

The ADX indicator started a gradual downside correction and reached the 39-mark, but still suggesting strength in the directional trend for the PancakeSwap token.

Conclusion

Currently, PancakeSwap tokens are facing a retracement phase after a strong bullish weekend, but if the bulls do not keep the coin price above the most recent support level of $7.10, this could become a downtrend.

Support level- $7 and $5.0

Resistance level- $10 and $17

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.

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