CAKE/USD Bulls Find New support

On October 22, the bullish trend starts at the support price of $4.33. And since then, the bullish momentum increases on a daily basis. But the bulls market hits its peak on October 30 and 31 when the market changes direction in favour of the bears. However, the bearish price did not go too far as PancakeSwap bulls were able to quickly find new support at $4.45 on November 3. Then, bulls target the $5.000 price level.

PancakeSwap Market Price Statistic:

• CAKE/USD price now: $4.616
•  CAKE/USD market cap: $706,590,793
•  CAKE/USD circulating supply: 144,263,606.18
•  CAKE/USD total supply: 341,497,183
•  CAKE/USD coin market ranking: #66

Key Levels

• Resistance: $5.000, $5.500, $6.000
• Support: $4.000 $3.500, $3.000

PancakeSwap Market Price Analysis: The Indicators’ Point of View

The Bulls market is able to maintain the price above the Simple Moving Average of the Bollinger indicator. The current price which is around $4.616 is the place where the bulls will set up the support price level. This is because we noticed some tug-of-war at this point. In the RSI indicator, the line measures at the midrange. This confirms that the bulls may be securing their support level at this point.

CAKE/USD 4-Hour Chart Outlook

The first session started with the bear market, but towards the end of the session, bullish support at $4.500 cut the bear market short. The next 4-hour session was bullish. However, apart from the fact that bulls are strong around the $4.500 level, they can’t sustain the bullish price recovery. They lose grip of the market in the third session and bears take over again. The bulls (however) are still strong at the support price level. 

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