Buy, Sell, Or Hold CAKE Crypto?

The current price of PancakeSwap is showing bearishness as it remains stuck between the 200-day moving average. This is evident on the daily charts, where the coin’s price has been halted near the $5.25 mark, as buyers and sellers continue to fight for control of the price.

Despite making gains in previous months, CAKE is now showing signs of weakness as it has been pushed down by the bears. If buyers don’t maintain momentum and start exiting their positions, the crypto price will likely decrease.

PancakeSwap crypto has been under bearish pressure in recent weeks, facing resistance from upper resistance levels that have prevented it from breaking out of its trend.

The current price action suggests that PancakeSwap crypto is under selling pressure, with the bulls being passive and the bears having an advantage, making short positions. However, the trend is still bullish, as the price is trading above key moving averages.

Technical Analysis Of PancakeSwap Crypto Price In 1-D Timeframe

At press time, CAKE crypto was trading at $2.69162638 with an intraday gain of 0.83% breaking below the key EMA levels, and showing bearishness on the charts. Moreover, the intraday trading volume is $48.37 Million. The market cap of CAKE crypto is $670.28 Million.

Last week, the CAKE cryptocurrency fell around 29.98%. However, over the last month, it has dropped by almost 32.47%. On the other hand, looking back over three months, CAKE cryptos have experienced a growth of about 3.41% and an impressive increase of 153.28% over the last six months. Additionally, the crypto has performed well throughout the year, with a year-to-date gain of approximately 22.85%.

The daily chart for CAKE price shows that it is currently trading below the 200 and 50 day moving averages, indicating a bearish trend. The RSI curve on the chart is also below the middle line, indicating that the price is bearish. 

The momentum in the market is being driven by sellers who are consistently taking short positions. The MACD on the chart is currently trading horizontally below the zero line, indicating a neutral position for the price. The red bars on the histograms and the MACD curve are also in the negative zone, confirming the bearishness.

Summary

The current price of PancakeSwap crypto has been showing bearishness and has been halted near the $5.25 mark. The crypto is facing resistance from upper resistance levels preventing it from breaking out of its trend. The trend is still bullish, but the price is trading below the 200 and 50-day moving averages, indicating a bearish trend. The momentum in the market is driven by sellers taking short positions. 

Technical Levels

Support Levels: $2.42724459

Resistance Level: $3.18356072

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.

Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.