Will CAKE Crypto Break Above $4?

Crypto CAKE is trading in bullish territory above major moving averages, showing bullish momentum. On the daily chart, the PancakeSwap cryptocurrency is moving higher and staying above the major EMAs.

The price action indicates that the cryptocurrency is hovering in a powerful uptrend with a possible price increase in the forthcoming sessions. Bulls are attempting to maintain these levels and show faith in the cryptocurrency’s upward movement.

In current trading sessions, buyers have indicated their strength. They also resumed buying and gathering more cryptocurrencies to expand the upward trend.

PancakeSwap cryptocurrency indicates increased buyer activity in the market. Moreover, the price action is still making higher highs on the chart, indicating that the cryptocurrency is bullish and has no intention of slowing down.

The structure of the chart shows that buyers are driving the trend and the cryptocurrency is gradually approaching the $4.00 mark, which it is likely to reach soon. Additionally, sellers have found themselves in a defensive position after breaking multiple resistance levels above $4.00 with significant vertical gains over the last few trading sessions. Investors are showing strong intent to continue this upward trend.

At the time of publication, the PancakeSwap cryptocurrency was trading at $3.58748885 with an intraday increase of 1.21%, showing an optimistic mood on the chart. It also has a trading volume of $427.987 Million and a market capitalization of $956.351 Billion.

Technical Analysis of PancakeSwap Crypto Price in 1-D Time Frame

PancakeSwap (USD: CAKE) is currently trading above its 50-day and 200-day daily moving averages (DMAs), which highlight the price momentum.The current RSI value is 79.78 points. The 14 SMA is above the center line at 58.63 points, indicating the bullish nature of the PancakeSwap cryptocurrency.

The MACD line at 0.2435526 and the signal line at 0.11738532 are above the zero line. There is a bullish crossover in the MACD indicator, which indicates strong momentum in the price of the CAKE cryptocurrency.

Summary

Technical oscillators for PancakeSwap (USD: CAKE) are encouraging the bullish trend. MACD, RSI, and EMAs accentuate positive signals, suggesting that the upward trend in the price of the CAKE cryptocurrency is likely to continue. Price action suggests that investors and traders are optimistic on the daily chart. Price movement reflects an current optimistic outlook.

Technical Levels

Support Level: $2.38089

Resistance Level: $4.00

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.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.