Price Analysis

PancakeSwap to Hit $4.5 Soon, Is the CAKE Price Still Under the Bearish Captivity?

Author: Elena R

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Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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  • Pancakeswap price showcases a diverse trend as a bullish scenario is expected if the CAKE prices surges above the $4.758 resistance 
  • On the contrary, If the prices fall below the critical support level, then the bullish argument may be invalidated.

The PancakeSwap prices have been in an extremely bearish market for the past week, but a rally attempt by the bulls propelled the prices to new highs. This was followed by a protracted standoff that resulted in the formation of an ascending triangle, which suggests that a bullish price trend is on the horizon.

This is When PancakeSwap Price May Explode

Due to the extreme selling pressure, the PancakeSwap prices dropped by 12% at the significant support level of $4.444. The bulls quickly attempted a rebound and drove the prices up to the resistance level of the ascending triangle at $4.658. 

The CAKE prices consolidated between the immediate support level at $4.573 and the resistance of the ascending triangle at $4.658 for a day as a result of the ongoing battle between the bulls and the bears, and then they fell below the support level, retesting the trend line of the triangle.

The prices retraced sharply, breached the support level, and retested the triangle’s resistance. Unfortunately, the bears managed to lower the prices to the level of immediate support, but the bulls persisted and made an effort to rally, which led to the CAKE prices breaking through the triangle’s resistance and reaching the current price of $4.66.

The prices are anticipated to surge towards the next resistance level of $4.758 and are expected to rise higher anticipating a bullish scenario in the future.

If the bears gain control, however, it is anticipated that prices would either go below the triangle’s trend line and approach the next immediate support level at $4.511 or retest it and break through the triangle’s resistance.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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