- PancakeSwap price is trading with strong uptrend momentum over the daily price chart.
- CAKE crypto has recovered above 20, 50 and 100-days Daily Moving Average.
- The pair of CAKE/BTC is at 0.0001889 BTC with an intraday gain of 1.83%.
PancakeSwap price is trying to recover upwards with strong uptrend momentum over the daily price chart. The token must recover above $5.00 and must sustain above it itshowcase its recovery phase. However, bears may strike to oppose the uptrend momentum by putting short-selling pressure over the token. CAKE bulls must intact themselves in the trade to let the token soar significantly over the daily chart. CAKE crypto must gather su[pport from buyers in order to surge and recover significantly over the daily chart.
PancakeSwap price is presently CMP at $4.57 and has gained 6.72% of its market capitalization in the last 24-hour period. Trading volume has increased significantly by 112% in the intraday trading session. This indicates that buyers are indulging in the trade to let CAKE surge over the daily chart. Volume to market cap ratio is 0.1584.
CAKE coin price is trying to recover significantly over the daily chart. The token must maintain the current uptrend momentum to recover itself. Meanwhile, volume bars signifies the recovery rate of the token as volume change can be seen above average and signifying the rate of recovery of CAKE coin. CAKE crypto has recovered above 20, 50 and 100-days Daily Moving Average.
CAKE Coin Inside the Extreme Overbought Territory
Technical indicators suggest that CAKE coin is being overbought over the daily chart. Relative Strength Index showcases that CAKE is trading inside extreme overbought condition. RSI is at 76 and CAKE investors need to wait until it returns from extreme overbought territory. MACD exhibits the uptrend momentum of CAKE coin. The MACD line is ahead of the signal line inside the positive zone.
Conclusion
PancakeSwap price is trying to recover upwards with strong uptrend momentum over the daily price chart. The token must recover above $5.00 and must sustain above it itshowcase its recovery phase. However, bears may strike to oppose the uptrend momentum by putting short-selling pressure over the token. Meanwhile, volume bars signifies the recovery rate of the token as volume change can be seen above average and signifying the rate of recovery of CAKE coin. Technical indicators suggest that CAKE coin is being overbought over the daily chart. RSI is at 76 and CAKE investors need to wait until it returns from extreme overbought territory.
Technical Levels
Support Levels: $4.00 and $3.65
Resistance Levels: $5.00 and $5.50
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/2022/08/11/pancakeswap-price-analysis-cake-trading-bullish-will-cake-recover-and-sustain-above-5-00/