The Market Periodical
  • Home
  • Markets
  • Opinion
  • Cryptocurrency
  • Blog
Contact Us
  • Login
The Market Periodical
  • Home
  • Markets
  • Opinion
  • Cryptocurrency
  • Blog
Contact Us
The Market Periodical
Home News

PancakeSwap Price Analysis: CAKE Coin’s attempt to recover gets sabotaged by the impending Dead Cross

Nancy J. Allen by Nancy J. Allen
July 18, 2021
in News
0
CAKE Coin
241
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter
  • CAKE price is presently hovering under the influence of two critical EMAs
  • The press time price of CAKE/USDT is $13.24 established on the back of a 3.24% increase in the past 24 hours
  • The overall price action of the CAKE Coin is restricted inside a massive descending triangle pattern on the daily chart 

The emerging Death Cross between critical EMAs to crucify the current trend of the CAKE Coin 

PancakeSwap price action has awakened the descending triangle pattern formation since May’s fatal drop. However, June contributed to the CAKE Coin losing the support of the 200 EMA, thus enabling bears to regain their supremacy. Only recently, the 20 and the 200 EMA have attempted to collide, thus making the token vulnerable to its May losses. 

Presently, the CAKE Coin is maintaining its sluggish momentum near the resistance trend line. While a breakout might be ideal for the bulls, the price trend is struggling under the pressure of the impending Dead Cross. To get above the critical EMAS, the bulls have to aim for a 14% upswing, which will be followed by a break above the overhead resistance of $14.80. 

Related articles

DASH Price Analysis: Should You Invest in Dash Crypto or Not?

DASH Price Analysis: Should You Invest in Dash Crypto or Not?

August 9, 2022
Basic Attention Token Price Analysis: BAT Bulls Trying to Sustain above Consolidation Phase

Basic Attention Token Price Analysis: BAT Bulls Trying to Sustain above Consolidation Phase

August 9, 2022

Similarly, a rejection from the trend line will expose CAKE Coin to the immediate support levels of $11.37 and $9.78 respectively. The expected target for this bearish outlook will validate a 13.45% fallout from the current price. On the contrary, the daily Stochastic RSI is in favor of a reversal as evidenced by the bottoming of the %K line and the %D line. 

CAKE/USD on TradingView

CAKE Coin being tormented by the 20 EMA on the 4-hour chart 

CAKE/USDT on TradingView

In addition to the price action trading under the influence of a Dead Cross on the daily chart, CAKE Price on the 4-hour is facing strong hindrance by the 20 EMA. The 20 EMA is caught between invalidating the efforts of the bulls and projecting Dead Cat bounces for the price action. As it appears that today’s bullish candlestick was just an attempt for the CAKE price to catch up with the 20 EMA. 

A rejection from the current point will give rise to a minimum of 5% fallout. The bearish divergences displayed by the 4-hour RSI seem to agree with the above statement. On the contrary, the MACD has braced itself for a reversal as evidenced by the bullish crossover between the two lines. 

The Supertrend indicator stands by the sell signal. This suggests the fact that the price action of CAKE Coin is unprepared for a bullish breakout from the falling wedge pattern. Traders can use this opportunity to short CAKE Token while aiming for targets of $12.42 and $11.78 respectively. 

SUPPORT : $11.4, $9.8

RESISTANCE : $14.8 

Share96Tweet60
Nancy J. Allen

Nancy J. Allen

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

Related Posts

DASH Price Analysis: Should You Invest in Dash Crypto or Not?

DASH Price Analysis: Should You Invest in Dash Crypto or Not?

by Nancy J. Allen
August 9, 2022
0

DASH coin recently moved above an upside parallel channel on the one-hour time frame.The DASH coin is trading above the...

Basic Attention Token Price Analysis: BAT Bulls Trying to Sustain above Consolidation Phase

Basic Attention Token Price Analysis: BAT Bulls Trying to Sustain above Consolidation Phase

by Antonio K Smith
August 9, 2022
0

Basic Attention Token price is trying to sustain above the horizontal; range-bound area over the daily price chart.BAT crypto has...

Monero Price Analysis: Will XMR Maintain the Uptrend Momentum and its Recovery in this Channel?

Monero Price Analysis: Will XMR Maintain the Uptrend Momentum and its Recovery in this Channel?

by Ritika Sharma
August 9, 2022
0

Monero price is trying to recover itself inside the rising parallel channel over the daily chart.XMR crypto has recovered above...

1inch Network Price Analysis: 1INCH Rising Through an Interesting Pattern, Know Whereabouts!

1inch Network Price Analysis: 1INCH Rising Through an Interesting Pattern, Know Whereabouts!

by Nancy J. Allen
August 9, 2022
0

1inch Network price is trading inside a rising wedge pattern over the daily chart.1INCH crypto has recovered above 20 and...

Shiba Inu Price Analysis: SHIB Consolidates inside an Ascending Triangle, What about its Recovery?

Shiba Inu Price Analysis: SHIB Consolidates inside an Ascending Triangle, What about its Recovery?

by Antonio K Smith
August 9, 2022
0

Shiba Inu price is trying to surge through an ascending triangle pattern over the daily chart.The crypto asset has recovered...

Load More
  • Trending
  • Comments
  • Latest
charged-particle-backdrop

Charged Particles Helps in Making the Future of Nextgen NFTs

May 13, 2021
AMP Price Analysis: AMP Coin Trading in Horizontal Range-Bound consolidates, Will it be able to retain up to $0.088?

Will Amp Token’s Escalating Demand Drive Its Price To $1?

February 21, 2022
Powerledger

Powerledger is revolutionizing the world of energy

January 31, 2022
ETH

Ethereum Analysis: Ethereum Hits A New All-Time High of $1467; ETH On Longspan Bull Rally?

January 28, 2021
DASH Price Analysis: Should You Invest in Dash Crypto or Not?

DASH Price Analysis: Should You Invest in Dash Crypto or Not?

0
Bitfinex

Bitfinex Lets Users Earn on their Bitcoin with Celsius

0
Binance Burned the Highest Number of BNB Tokens Till Day Worth $68 Million

Binance Burned the Highest Number of BNB Tokens Till Day Worth $68 Million

0
Cryptocurrency

U.S. Congress Members Have Introduced 40 Bills on the Subject of Cryptocurrencies

0
DASH Price Analysis: Should You Invest in Dash Crypto or Not?

DASH Price Analysis: Should You Invest in Dash Crypto or Not?

August 9, 2022
Basic Attention Token Price Analysis: BAT Bulls Trying to Sustain above Consolidation Phase

Basic Attention Token Price Analysis: BAT Bulls Trying to Sustain above Consolidation Phase

August 9, 2022
Monero Price Analysis: Will XMR Maintain the Uptrend Momentum and its Recovery in this Channel?

Monero Price Analysis: Will XMR Maintain the Uptrend Momentum and its Recovery in this Channel?

August 9, 2022
1inch Network Price Analysis: 1INCH Rising Through an Interesting Pattern, Know Whereabouts!

1inch Network Price Analysis: 1INCH Rising Through an Interesting Pattern, Know Whereabouts!

August 9, 2022
  • Home
  • Contact Us
  • SUBMIT PR

© 2022 The Market Periodical

 
No Result
View All Result
  • Home
  • Markets
  • Opinion
  • Cryptocurrency
  • Blog
  • Contact Us

© 2018 JNews by Jegtheme.

Welcome Back!

Sign In with Google
OR

Login to your account below

Forgotten Password?

Create New Account!

Sign Up with Google
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?