- CAKE token price action is in an up move with a 5.82% gain on the intraday trading session
- CAKE/BTC pair is trading negative by 4.29% at 0.0004847 BTC
- The 24-hour trading volume in Pancake is $246.79 Million
The daily technical chart of CAKE token price is testing the Lead-1 of red Ichimoku Cloud. According to pivot points, CAKE’s critical support level is $10.60. Whereas if it moves upside, the crucial resistance to watch is $24.0. Besides, the chart shows a Doji candle meaning both bulls and bears failed to gain control over the price movement.
The Ichimoku Cloud, consisting of Lead 1 & Lead 2 with a displacement value of 1. It works as a pivot level and a leading indicator in the asset price movement. Investors may witness the price is testing the lead 1 of red Moku Cloud, which is at $19.64, so until the price resides below the red Moku Cloud, it will assure a bearish trend in Pancake.
The Stochastic RSI (Bullish) projects a buy signal with a value of K-60 and D-55, indicating a bullish scenario in the coin. Additionally, Investors can see a declining slant and a positive crossover in the index, which may stay in a bullish trend for coming trading sessions.
The volume of (169.84K) showcases below the Volume MA (818.54K) of 20-days. Traders are driving shallow buying pressure to drive its price level to the positive zone. Investors may also observe declining volume in the chart, indicating a big move is expected soon.
Pancake (CAKE) Token Requires High Buying Pressure To Break Above The Ichimoku Cloud
CAKE token price was trading at $17.77 with 5.82% positive daily and 5.3% negative returns in the weekly period. Furthermore, the price is testing the red Moku Cloud. The Stochastic RSI indicator shows a buy signal, and Trading volume is getting low. Technically, the price shows minor strength and is testing the Ichimoku Cloud. Hence, the trend remains bullish for now. As per overall market sentiment price can move towards the resistance of $24.0 in the upcoming days.