The pancakeswap crypto overcame some setbacks earlier on the chart and made a great comeback as the price recovered from a key level of around $1.0 on the charts.
During the uptrend earlier on the chart, the CAKE asset revealed a bullish structure on the daily chart as it climbed higher. It recorded good results in the previous quarter by 109.03%, signifying a steady upward movement.
However, earlier, CAKE violated the uptrend which triggered the steep fall from the critical level of around $3.50.
The pancakeswap crypto is approaching a more drastic fall, as it fails to break the resistance level and sinks to new lows by making continuous breaks of structure downwards and seamlessly following a downward trend line as well.
The CAKE crypto asset is displaying bearish qualities and can lose more value. It has illustrated poor performance in the past week, and past month, by 5.65% and 28.20% respectively, indicating a steadfast downward trend.
The pancakeswap asset is bearish and shows that it has more room to fall as it drops below major 20 and 50-Day EMAs.
The CAKE asset is displaying bearish characteristics as MACD is at -0.11143 with a bearish crossover. Meanwhile, the RSI is at 41 and is falling smoothly and the curve is below the median line, implying that the pancakeswap asset is losing momentum and could seek new depths.
The CAKE crypto has experienced a decline of 1.13% in the last 24 hours, trading at $2.58. Therefore, if the CAKE crypto price fails to stay above the $2 level, it could decline further.
However, if the demand for the CAKE crypto advances, the asset price could bounce back from the current level and could break the trendline as well. The next goal for the price is to reach $4.
PancakeSwap Chart: Analyzing Volume and OI
Looking at the chart, it can be seen that both CAKE asset volume and price were declining from the $35 Million volume mark. The volume chart indicates a lack of interest and activity for CAKE.
Meanwhile, open interest for PancakeSwap (CAKE) is $13.99 Million, up 5.73% from the previous session. The 24-hour long/short ratio is 0.967, meaning there are more long positions in CAKE than short positions. The total number of short positions opened in the last 24 hours in CAKE is $4.14 K and long positions are $9.82 K.
Summary
The chart shows that both CAKE asset volume and price were declining from the $35 Million volume mark. This indicated a lack of interest and activity in the CAKE market.
Furthermore, CAKE failed to break the resistance level and sunk to new lows by breaking the structure downwards and declining by following a downward trend line consistently. Therefore, if the CAKE crypto price fails to stay above the $2 level, it could decline further.
Technical Levels
Support Levels: $2
Resistance Levels:$4
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
Source: https://www.thecoinrepublic.com/2024/01/27/where-is-pancakeswap-cake-price-headed-next-up-or-down/