CAKE Price Becoming Weaker! Time To Sell Your Holdings?

The bulls are fighting hard to hold the price, but the market is constantly losing momentum as major cryptocurrencies are once again trading close to their respective crucial support levels. CAKE Price has experienced the same situation as the DeFi space is constantly failing to regain its strength.

The PancakeSwap price was seen trading in a consolidated range between $1.20 and $1.20 for a brief period of time in the month of September, after which the price gained momentum and broke out the pattern at its resistance level, suggesting a bullish movement in the crypto space.

The CAKE price has been trading in a descending channel for over a week now, indicating the price to trade under the influence of the bears. The month of October started on a positive note, but the market experienced a trend reversal, resulting in the price wiping all its gains and further losing 8% in value within a week.

The RSI was constantly trading above the mid-point during the last week of September, following which a constant decline was seen in its averages, indicating a weak buying and selling power. Further, the levels are currently trading below the oversold range, suggesting a bear power in the market.

Will The CAKE Price Regain Value?

If the Bulls manage to push back the price above the resistance level of $1.100, then the price will gain bullish momentum, resulting in the price continuing to gain value.

Further, if the Cake price breaks out of the descending channel, it will gain significant movement to test its upper resistance of $1.128 soon.

On the contrary, if the market fails to hold the price above the crucial support level of $1.075, then the price will experience a strong bearish movement, resulting in the price to continue dipping and testing its lower support level of $1.040 in the coming days. 

Moreover, if the market continues to dip and fails to hold its price above the $1.040 mark, it will be bound to test the $1 mark.