- CAKE Token price action projects a downtrend ready to cause a significant breakdown.
- The token price resists the fall below the 200-day EMA while trading below the 50-day EMA.
- The CAKE/BTC pair trades at 0.0004369 BTC with an intraday gain of 0.88%.
CAKE token price is increasing selling pressure as it falls after making a double bottom candlestick pattern in the daily chart. The downtrend may result in a breakdown below 200-day EMA. Thus, increasing the chances of a death cross.
Pancake Swap coin price can look at a downfall of more than 30% in upcoming weeks due to the breakdown below the 200-day EMA. Furthermore, the chances of price hitting the support level of $12 are incredibly high.
CAKE token price has a market value of $18.91 that has increased 2.97% in the last day. Furthermore, the rise in trading volume by 16% indicates a rise in interest for the CAKE coin.
CAKE Token Price Rests At A Crucial Support Zone
CAKE token price is witnessing selling pressure at the 4-hour time frame as it falls incredibly with colossal selling pressure. Furthermore, the CAKE coin price rests near the support zone of $17.5, which results in the recent lower price rejection.
The 50-period EMA falls below the 200-day EMA after the recent death cross in the 4-hour chart. Thus, the 50-period EMA provides dynamic resistance that will keep providing constant supply dump.
Upon a bearish fallout, the levels of $15 and $12 might push the price back up, projecting a buy the dip moment for investors. However, in case of a bullish breakthrough, the levels of $21 and $24 could push the price back down.
Overall, the RSI and ADX project a rise in Pancake Swap price trend momentum and a rise in underlying bearishness.
Conclusion: The CAKE token’s price is in a downtrend due to the growing strength of bears. The bearish breakdown at $17.5 support is more likely than a bullish reversal. Investors might be wise to remain open-minded about all possible outcomes.
Support – $15 and $12
Resistance – $21 and $24