PancakeSwap Price Breakout – Can Bulls Push it Beyond $3?

CAKE, the native token of PancakeSwap, has ignited fresh excitement in the crypto market following a price breakout. With the CAKE price surging to $2.81, up 5.01% in the past 24 hours, traders are closely eyeing whether this momentum can deliver a sustained bullish rally. 

Successively, backed by a $966.98 million market cap and a booming $172.52 million in daily trading volume, the token’s recent moves demand a closer look. The 24-hour range stretched from $2.68 to $2.85, adding volatility that both excites bulls and energizes short-term bears.

PancakeSwap Price Analysis

As I dive into the chart action, it’s clear that CAKE’s price story is about technical resilience. The breakout above the 30-day SMA at $2.56 and the crucial pivot at $2.73 set the stage for bullish momentum. Notably, the MACD histogram has flipped positive, signaling potential for further upside. 

The golden cross at 7-day EMA rising above the 30-day EMA often triggers fresh trading interest. And many eyes are set on Fibonacci levels, the 38.2% retracement at $2.83 is the immediate hurdle. A solid close above this point opens the way toward the $3.14 swing high. But the RSI-14 currently sits at 56.94, teetering near overbought territory. This could mean the rally is running hot in the short term, raising the stakes for a possible correction.

Should momentum stall, I’m watching $2.66 as the first level of support for PancakeSwap price, and if bears regain control, a pullback toward $2.51 can’t be ruled out. Contrarily, if bulls press past $2.83 and maintain volume, the next leg could retest the $3.14 resistance, a level uncharted since recent swings.

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