Published 5 hours ago
The crypto market faced multiple sell-offs over the past three months caused by events such as High CPI data, US Fed interest rate hikes, etc. This intense selling pressure caused even the major cryptocurrencies to revisit their 2022 low. However, fighting-off such affairs, the Pancakeswap coin price has maintained a steady rally using a long-coming support trendline
Key points from Pancakeswap coin analysis
- The Pancakeswap coin traders can maintain a bullish sentiment until the support trendline is intact
- The 50-and-100-day EMA nearing a bullish crossover could increase market demand.
- The intraday trading volume in the Litecoin coin is $50.1 Million, indicating a 53% gain.
Source- Tradingview
The pancakeSwap coin price has shown steady growth with new higher highs and highs and lows over the past three months. During this rally, altcoin retested the ascending support trendline multiple times, indicating the traders are actively buying at this support.
Furthermore, the last bull run turned down from the multiple-month resistance level of $5. The bearish reversal tumbled 8.5%, where it retested the $4.55 flipped support. The altcoin rebounded from this level, indicating the buyers have obtained suitable support from it.
The pancakeSwap coin price rising for three consecutive days registered 4.2% gains. However, the volume activity depleting with rising prices indicates weakness in bullish momentum.
Thus, if the trading volume doesn’t pick up, market traders may witness a reversal from the $5 psychological level and keep wavering above $4.55 support. Anyhow, a great entry opportunity to buy CAKE tokens will be when the price shows a reversal sign at the rising support trendline.
Moreover, a breakout from $5 will give an additional confirmation for prolonged recovery and may drive the prices 9.5% higher to hit the $5.5 mark.
On a contrary note, a breakdown below the ascending trendline will cause a significant correction in the Pancakeswap coin.
Technical indicator
Relative strength index: the daily-RSI slope is rising higher if bullish territory indicates the market sentiment supports price recovery.
EMAs: the upswing in crucial EMAs(20, 50, and 100) gives additional confirmation. Moreover, the 20-day EMA is offering constant support to trending coin price.
- Resistance Levels: $5 and $5.5
- Support Levels: $4.5 and $4.2
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/trending-pancakeswap-coin-may-soon-hit-the-5-5-enter-now/