- The token has shown bullish actions in the previous sessions.
- The pair of CAKE/USDT is trading at the price level of $4.350 with a decrease of -0.28% in the past 24 hours.
The PancakeSwap (CAKE) has bounced off the demand zone and has gained more than 20% in the past few weeks. The token has crossed over the 200 EMA with a strong bullish candle; it remains to be seen whether the token will sustain its position above the 200 EMA.
CAKE token on the daily chart
On the daily time frame, the bulls are looking strong and forming large bullish candles. CAKE token is currently trading at $4.350, a loss of -0.28% in the last 24 hours, as seen on the daily chart. The token has crossed and sustained above the 50 EMA, and it is currently trading between its key Moving Averages, the 50 EMA and the 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA). Let’s see if the bulls can continue their bullish momentum in the coming days.
Relative Strength Index: The asset’s RSI curve is currently trading at 73.10, indicating that it is in a strong overbought zone. The bullish momentum in the token’s price has increased the value of the RSI curve. The RSI curve has crossed above the 14 SMA, indicating that the token is bullish. If the bulls continue their bullish momentum, the RSI curve will remain in the overbought zone.
Analyst view & Expectations
The token has crossed above the 200 EMA on the daily time frame the previous day but now we can see the bears are trying to push the token’s price down. Investors who want to buy now can do so as the token has entered a short-term uptrend, while those who want to trade safely can wait for it to sustain above the 200 EMA before buying. Intraday traders, on the other hand, have an excellent opportunity to go long and book profits based on their risk to reward ratio.
According to our current PancakeSwap price prediction, the value of PancakeSwap is expected to climb by 2.55% in the next few days, reaching $ 4.48. Our technical indicators indicate that the current sentiment is Neutral, with the Fear & Greed Index reading 58. (Greed). Over the previous 30 days, PancakeSwap had 19/30 (63%) green days and 7.60% price volatility. According to our PancakeSwap forecast, now is a good time to buy PancakeSwap.
Technical Levels
Major support: $4.016
Major resistance: $4.815
Conclusion
According to the price action, the bulls have taken command of the trend and are driving up the price of the token, forming a bullish chart pattern. Investors who want to buy now can do so by keeping a stop loss in place and managing their risk-to-reward ratio.
Disclaimer: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/04/cake-price-analysis-will-the-token-be-able-to-sustain-above-the-200-ema/