Triple Bottom Chart pattern at $2.84 Triggers Bullish Trend

Bulls may continue pushing up the price

CAKEUSD Price Analysis – August 11

Should the bulls increase their momentum and penetrate the resistance level at $4.66, the resistance levels of $5.01 and $5.55 may be tested. In case the bears push down the price, it will be confronted by the barriers at $4.20, $3.70 and $3.49 support levels

CAKE/USD Market
Key levels:
Resistance levels: $4.66, $5.01, $5.55, $6.03
Support levels: $4.20, $3.70, $3.49, $2.84

CAKEUSD Long-term trend: Bullish

PancakeSwap is bullish in the daily chart. The coin tested the support level at $2.84 three times to form a triple bottom chart pattern. This is a bullish chart pattern indicating that the price may soar higher. On 27 July, a bullish engulfing candle formed at the support level of $3.49, which triggers the bullish momentum. The former resistance level of $4.20 turned to support level. The coin is trying to break up the $4.66 price level.

PancakeSwap is trading above the 9 periods EMA and 21 periods EMA which indicate an increase in the bulls’ momentum. Should the bulls increase their momentum and penetrate the resistance level at $4.66, the resistance levels of $5.01 and $5.55 may be tested. In case the bears push down the price, it will be confronted by the barriers at $4.20, $3.70 and $3.49 support levels. Meanwhile, the relative strength index period 14 is at 71 levels with the signal line pointing up to indicate buy signal.

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CAKEUSD medium-term Trend: Bullish

CAKEUSD is bullish in the 4-hour time frame. The bullish trend has placed the price of PancakeSwap at $4.66 level. The price is trying to break up the just mentioned resistance level, and further price increase is possible. The price is currently testing the resistance level at $4.66.

PancakeSwap is trading above the 9 periods EMA and 21 periods EMA. The Relative Strength Indicator period 14 is above 50 levels exhibiting a buy signal.

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