Buyers opposed sellers at the $3.7 Level in the CAKE market
CAKEUSD Price Analysis – 23 November
When buyers increase their momentum, CAKE will break up the resistance level of $4.0 and the price may increase to the resistance levels at $4.1 and $4.3. In case sellers oppose the buyers at the $4.0 level, the price may decrease and break down the support level of $3.7, which may decrease to $3.5 and $2.8 support levels.
Resistance levels: $4.0, $4.1, $4.3
Support levels: $3.7, $3.5, $2.8
CAKEUSD Long-term trend: Bullish
CAKE is bullish in the daily chart. The sellers have been ruling the world of PancakeSwap for more than three weeks. It started from the resistance level of $5.0. The bearish momentum was strong with the formation of strong bearish candles. On 22 November, the coin found support at $3.7 level after penetrating the support levels of $4.1 and $4.0. Today, Bulls are exerting more pressure and the price is increasing.
Pancakeswap is trying to cross the 9 periods EMA and 21 periods EMA upside which indicates bullish momentum. When buyers increase their momentum, the price will break up the resistance level of $4.0 and the price may increase to the resistance levels at $4.1 and $4.3. In case sellers oppose the buyers at the $4.0 level, the price may decrease and break down the support level of $3.7, which may decrease to $3.5 and $2.8 support levels. The relative strength index period 14 is at 49 levels with the signal line pointing up to indicate a buy signal.
CAKEUSD medium-term Trend: Bullish
PancakeSwap is bullish in the 4-hour time frame. CAKE is bouncing up from the support level of $3.4 on 22 October. The bullish movement commenced which may lead to the breaking up of the $4.0 level. The bullish momentum is strong at the moment and the price may reach $4.3 resistance level.
PancakeSwap is trading above the 9-periods EMA and 21-periods EMA. The Relative Strength Indicator period 14 is at 70 levels exhibiting buy signal. As CAKE is preparing for the price increase, Dash 2 Trade and IMPT are soaring higher.
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