PancakeSwap, a leading decentralized exchange platform, is celebrating its third anniversary with a special event called “PancakeSwap’s DeFi Galaxy Tour”. The event invites users to explore eight planets in the solar system, each with a unique theme, and a chance to win a share of $80,000 in rewards.
As per PancakeSwap itself on the CoinMarketCap website, which is a crypto analysis website. The event will run from September 18th to October 2nd, 2023. Users can join various chats and forums, play games, spin wheels, make predictions, and deduce products on different planets. Users who complete the tasks and challenges will receive rewards.
The event will also include a lively meetup on September 29, 2023, where users can meet other PancakeSwap enthusiasts and team members in person. The event will end with a special surprise on Neptune Voyage, where users will discover why this planet is special and what surprises await them there.
PancakeSwap rose 1.65% in market value and 57.41% in trading volume in the last 24 hours, as per CoinMarketCap. Its market value is $266,376,648 and its trading volume is $17,034,559. There are 224,564,096 CAKE in circulation.
Technical Analysis of CAKE on 1-D TimeFrame
The PancakeSwap price has been on a downtrend for the last 52 weeks, losing 72.99% of its value. The price makes lower peaks and valleys, indicating a significant downtrend.
The PancakeSwap price is now at $1.1909419 and making new lows every new week and declining. Majorly, it fell from $4 around March and faced a trendline resistance, which became drastic for CAKE as it dropped the price significantly. The price is also under the 20 and 50-day EMAs, which are also acting as resistance levels.
PancakeSwap price could bounce back if it breaks above the 20 and 50 EMAs. Then, the next probable resistance levels could be $1.25 and $1.31, based on the previous highs and lows.
PancakeSwap price could drop further and continue its usual trend of rising small and selling big if it fails to break the current resistance and keeps falling. The next support levels could become $1.13 and $1.00.
At the time of publishing, PancakeSwap (CAKE) is trading below the 20 and 50-day EMAs (exponential moving averages), rejecting the PancakeSwap price trend.
The MACD line at 0.0414 and the signal line at 0.0459 are below the zero line and both lines crossed each other multiple times but the histogram gap is lean in the MACD oscillator, highlighting traits of lack of momentum in the CAKE crypto’s market.
The current value of the RSI is 39.47 points and the 14-day SMA is below the median line at 32.12 points indicating bearish sentiment. Collectively, the technical indicator tools outlook is consolidation to bearish.
Conclusion
The pancakeSwap price forecast shows a neutral to bearish outlook from investors and traders in the daily time frame. CAKE price action reveals a neutral to downward trend at the time of writing. Moreover, the daily chart shows the price trend is uncertain as the technical indicators suggest. The RSI, EMA, and MACD are the most reliable and popular tools for analyzing the market. They indicate that the price may either stay in a range or continue to decline.
Technical Levels
- Support levels: $1.13 and $1.00
- Resistance levels: $1.25 and $1.31
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/09/18/pancakeswap-price-forecast-2023-will-cake-price-boost-to-5/