PancakeSwap price forecast indicates the weakness in the price, as it halted near the value of $3.9927 in December 2023 and headed in the downward direction.
PancakeSwap price broke below the key moving averages as bears showcased their dominance on the daily charts and overpowered the bulls.
The price is heading downward by making lower low structures and getting rejections from the upper resistance levels. Currently, the price is hovering between the 50 and 200-day EMA levels.
Sellers are trying to pull the prices toward the lower trendline beneath the dynamic supports. PancakeSwap needs to gather buyers in order to rise toward the upper trendline and break above the key moving averages. Investors in crypto need to wait for any directional change for the next move.
PancakeSwap crypto needs a strong catalyst to reverse the bearish trend and start a new uptrend. Alternatively, a market-wide rally could also lift the price and help it break above the upper trendline and the resistance levels.
PancakeSwap crypto is a risky investment at the moment, as the price is highly volatile and unpredictable. Investors and traders should be cautious and use proper risk management techniques, such as stop-loss orders and diversification, to protect their capital and profits.
Daily Time frame Technical Evaluation of PancakeSwap Crypto
On the daily timeframe charts, the PancakeSwap price is stuck in a narrow range and does not signal an upcoming rise because of low volume levels and lack of buying momentum.
Moreover, a key indicator is still in the neutral range and does not signal any bullishness.
The RSI curve is near 36, in the neutral range, and showed a narrow consolidation move on the daily charts. The MACD indicator still showed green bars on the histogram with a bullish crossover but did not signal any substantial upswing in the upcoming days.
PancakeSwap crypto is facing strong resistance from the bears, who are trying to push the price below the lower trendline and the support level. If this happens, the PancakeSwap price could enter a free fall and test the next support levels.
Summary
PancakeSwap price forecast showcases the weakness in the price, as it halted near the value of $3.9927. The technical oscillators also support the bearish trend. The MACD, RSI, and EMA are emphasizing negative signs and imply that the downtrend may continue in the CAKE crypto price. PancakeSwap Price action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a bearish perspective at the moment.
Technical Levels
Support Level: $2.29220.
Resistance Level: $2.6361.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
Source: https://www.thecoinrepublic.com/2024/02/06/pancakeswap-price-forecast-will-cake-token-break-below-2-level/