Pancake Price Analysis: If Overall Market Cooperates, CAKE Coin May Rise 35%

CAKE coin price is in an upward trend and fighting to break through 200-MA during intraday trading
Pancake’s 24-hour trading volume is $289.119 Million
CAKE/BTC pair is trading positive by 3.20% at 0.0003908 BTC

The daily technical chart of CAKE coin price is trying to breach above 200-MA. According to the pivot point, the significant support level for CAKE is $10.50. Nevertheless, if it makes a move above, the key resistance level to be aware of is $24.10. In addition, the chart shows three white soldier’s candlestick pattern, which indicates bullish control over price movements.

Moving average (MA) composed of 50,100,200-MA can be a reliable support for currency price changes. Investors can observe that the price is fighting to break above the yellow line. The beginning of a positive trend can be marked in CAKE if the price breaks and stays above the MA-200.

Stochastic RSI (bullish) with a value of K-75 D-54 presents a buy signal in the coin. Investors may observe an inclining slant and a positive intersection in the index. It may reside in a positive region for forthcoming trading sessions.

The volume of (79.41K) is displayed below the 20-day moving average (401.623K). Traders are exerting a very low buying force to guide their price levels into a favorable position. Investors may also observe a drop in volume on the chart, which indicates that a big move is expected soon.

Pancake (CAKE) Coin Needs a Daily Closing Price Higher Than $13.82 to Start a New Rebound

The trading price of CAKE coin is $13.70, with a daily gain of 3.70% and a weekly loss of 10.0%. In contrast, the price recovered from the support level and is trying to breach above 200-MA. The Stochastic RSI indicator shows a buy signal, and the trading volume is very low. Technically, the price shows strength and is testing 200-MA. Therefore, the current trend remains bullish. Based on the overall market sentiment, the price may sustain above the $13.60 MA-200 and gradually move towards the resistance in the next few days.

Resistance: $24.10

EMA-200: $13.60

Support: $10.50

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Categories: Markets News

Nikhil Ingole: Mr, Nikhil Ingole is a Chief Editor at The Market periodical with over five years of technical analysis & trading experience in Forex and Crypto. As a commerce graduate, he has taken a keen interest in blockchain's future potentials in the financial industry. A keen cryptocurrency enthusiast, he is very supportive of new media projects, pioneer ideas and the Bitcoin community. He possesses strong technical, analytical skills and is well known for his financial market's informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.