PancakeSwap Price Analysis: CAKE Registered 4 Month High Last Night, What’s Next? 

• The Pancakeswap token reflects the bullish breakout above the supply zone.
• CAKE token is trading higher above 20,50 and 100 day exponential moving averages. 
• Trading volume increased 16.9% in the last 24 hour at $60.7 Million.

Eventually the Pancakeswap token breached the resistance zone last night as buyers saw 100 days high at $4.85. The price action shows higher-low and higher-high formation on a daily time frame. This price action shows the buying on dip strategy for swing traders. 

CAKE token is following the uptrend above the upwards trendline (below the chart). This bullish trendline shows buyers’ dominance in crypto where the rest of cryptocurrencies track Bitcoin steps. Thus sellers eye on $5.0 resistance level to resell the CAKE token.

Although the CAKE token continues increasing higher, bulls are still a little nervous to hold it at the resistance zone. Thus, altcoin against the USDT pair is trading at $4.5 mark at press time. This week, the token is trading higher by 3.9% so far. Similarly, the CAKE token concerning Bitcoin is in the green zone by 6.2% at 0.0002529 Satoshis. 

In terms of daily time frame, CAKE token is trading higher above 20,50 and 100 day exponential moving averages, and now price is headed to move above the 200-EMA (white). As well as, the trading volume increased 16.9% in the last 24 hour at $60.7 Million.

RSI is Going to Move Into Overbought Zone 

Buyers are aggressively accumulating Pancakeswap tokens as the RSI indicator continues moving higher above the bullish trendline. As well as the MACD increase higher in the positive region in terms of the daily price scale. Both traditional indicators are favoring bullish trends. 

Conclusion 

The PancakeSwap token (CAKE) follows an uptrend above the bullish trendline over daily price scale. The traditional technical indicators like RSI and MACD favor uptrend until price reaches $5.5 resistance level. 

support level – $3.5 and $2.5

Resistance level – $5.5 and $10

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