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Bulls Continue To Dominate As Pancakeswap Price Nears $3.74


coinedition.com 18 January 2023 16:05, UTC
Reading time: ~2 m

PancakeSwap token shows rising signs as the market shows massive upside potential. The bulls have regained their control of the Pancakeswap market, which will change the course of the market for the better, and CAKE now expects the bullish period to take over in the next few days.

CAKE/USD pair has increased reaching above the $3.74 level, the resistance level for CAKE/USD is at $3.78 and the support level is at $3.70.

Looking at the daily chart, we can see that PancakeSwap’s price is currently in a bullish trend. The prices are trading along with the ascending channel, and a breakout from the current range could set the tone for the next move. The buyers are currently in control as the prices are trading above the moving averages.

CAKE/USD 1-day chart: TradingView

Moreover, the 50 SMA is currently at $3.702, while the 200 SMA is at $3.583 on the 24-hour chart. The Relative Strength Index (RSI) score is increasing at a faster rate and has reached an index of 57.32, which indicates that the market is neither oversold nor overbought. The MACD line in blue is above the signal line in red, indicating that the bulls have the momentum to push the prices higher.

The four hour PancakeSwap price chart is showing signs of a solid bullish trend, as the price has increased significantly. After the last price correction observed yesterday, the trend reversed in favor of the bullish side, as the bulls were leading the price chart earlier. Nonetheless, an upward trend has been observed in the last four hours, as the price has moved up to the $3.74 level after swinging as high as the $3.78 resistance level.

It can be concluded that pancakeSwap prices have a slight bullish bias. The digital asset is currently trading at a key junction, and a breakout from either side of the range could set the tone for the next move.The price improved considerably and is now touching the $3.74 mark, above the upper limit of the volatility indicator, so another correction might loom. However, we expect CAKE to continue the upward movement today.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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