thecoinrepublic.com
- 1 The cake price is moving under a severe bear trend within the 200 EMA
- 2 The cake token sings of continuing this bear trend
The CAKE price is trading below the 200 EMA on a bear trend. After a recent rally of price where the cake piece went up 60% and tried to cross the 200 EMA but despite its several attempts the price was not able to intercept the resistance. While the overall market is trading on a bullish trend the CAKE price is still trading under the influence of the bulls and according to the price action and indicators, this trend might continue for a while. The current CAKE price is $3.727 with a change in the 24-hour trading volume of 25%. Pancake swap is down 3.40% in the last 24 hours.
Cake price is trending on a severe downtrend ( Daily timeframe )
Pancake Swap is Smartchain-based decentralized finance platform and an automated market maker which uses algorithmic processes to make buying and selling easy for users. The Pancake swap Defi application allows users to exchange tokens and provide liquidity through farming by which they can earn fees in return. The Pancake swap was introduced by anonymous developers who are apparently passionate about pancakes.
The overall market sentiments in the greed and fear index are currently trading at a neutral level at 50 points according to the site Alternative(dot)me. The Cake price is currently being dominated by the bears and strong selling pressure is apparent in the market.
Technical Analysis ( On 1 Day Timeframe )
The CAKE price is currently trading 13% below the 200 EMA while taking resistance from the 100 EMA. The making of the downward curve from the 20 EMA and the 50 EMA is suggesting that these indicators might cross down the 100 EMA giving a severe bearish crossover.
The RSI line is trading in a downtrend around 38.00 points near the oversold level while the 14 SMA is trading around 47.65 points. The RSI line is trading around the supply zone although it might try to reach the 30-point line before taking a reversal and going for the uptrend.
Conclusion
Currently, the Pancake swap is trading on a severe downtrend. Cake price is at present taking resistance from the price of $4.084 while its next resistance is 16% above the current price around point $4.361 also its recent support level is around $3.469.
Technical levels –
Support – $4.361 and $3.469.
Resistance – $4.084
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.