PancakeSwap’s price has dropped from its high levels and made lower-low structures. CAKE is presently in a downtrend after smashing beneath the 50-day and 200-day moving averages. However, if it cannot stop the bearish pressure, it may form a new lower-low pattern momentarily and extend the downtrend.
The PancakeSwap has been on a downtrend for a long time and has been dropping from its peak levels and forming lower-low patterns. The coin’s price inclined by 4.1% in the last 7 days.
The price data for CAKE shows that the market sentiments about CAKE are negative. From its highest price of $43.96, it dropped -96.55% in 2 years, eating into investors’ wealth.
PancakeSwap Technical Analysis
The price of PancakeSwap has slipped below 50-day and 200-day MAs which shows the influence of sellers in the market. However, if sellers continue to drag the market lower, the CAKE price can suffer more decline and go into a downtrend.
The RSI line has been trading around the oversold area. The RSI line is around 49.25. The 14 SMA has a value of 48.60 points indicating that the PancakeSwap market is heading toward an neutral zone. However, we might see a considerable fall in the price of CAKE shortly if it breaks the support level.
Right now, MACD is giving bearish signals. The MACD line at -0.0147183 and signal line at -0.0188288 is above the zero line, suggesting that the MACD is in positive territory and is giving neutral signals as of now.
Volume Analysis: The PancakeSwap trading volume of 24 hours is $36,625,163 with a 241% rise in volume in the past 24 hours. There is a huge increase in the volume of the coin indicating some big activity.
Conclusion
The sellers are dominating on the higher levels and taking multiple rejections from 50 moving averages. However, the technical analysis suggests that PancakeSwap crypto price is in a bearish grip and the probability of making new lows in the coming months remains high. PancakeSwap’s price reflects a negative scenario at the moment. Major trustworthy indicators like EMA, RSI, and MACD are giving bearish signals about the PancakeSwap crypto. The current scenario requires traders and investors to be patient and look for the bigger picture before making any moves and avoid the fear of missing out to minimize losses.
Technical Levels:
- Support – The current support level is $1.30995.
- Resistance –The current resistance level is $1.792.
Disclaimer
The analysis given in this article is for informational and educational use only. Do not use this information as financial, investment, or as trading advice. Investing and trading in crypto is a risky task. Please consider your circumstances and risk profile before making any investment decisions.
Nancy J. Allen is a crypto enthusiast and 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.
Source: https://www.thecoinrepublic.com/2023/07/11/pancakeswap-price-prediction-will-cake-price-drop-from-here/