- Pancake Swap Price fell 28% in the current month and dropped below $2.50.
- CAKE price formed a bearish pattern and hit fresh yearly lows.
- Pancake Swap price trading below 50 and 200 day EMA showcase downtrend.
Pancake Swap Price fell 28% in the current month and broke down the important support of $2.500. It triggered the negative sentiment and prices collapsed down with a strong momentum.
CAKE price seems to be in a strong downtrend and slipping down by forming lower low swings. In the past few days, it witnessed a massive spike in the selling volume showing some genuine investors are exiting on the higher levels.
However, The price has gone far away from the 50 and 200 day EMA and buyers may try to give a short term bounce from the lower levels.
Pancake Swap Price is trading at $1.906 with an intraday rise of 1.06%. The 24 hour volume to market cap ratio is 0.0964. The pair of CAKE/BTC is trading at 0.0000691 with an intraday rise of 1.02%. The chart structure of CAKE with BTC pair is also in a downtrend and forming a quite similar pattern. It indicates sellers are highly active in both the pairs.
At the beginning of February, CAKE Price faced a hurdle at $4.700 and slowly it dropped below both the EMA. It triggered the negative sentiment and invited further decline. Later, prices consolidated for a few weeks in a narrow range in a hope of upside range expansion. Sadly, Bears took over the control and prices broke down the lower range and expanded downside.
Pancake Swap Price is oversold?
PancakeSwap Price has not performed well and disappointed the expectations of the long term investors. The recent downmove has eroded all the gains of the past one year and no signs of recovery is visible. If any short term relief rally triggers from the lower levels then $2.500 and $3.000 will act as an immediate hurdle for bullish traders.
However, till price is trading below $3.00 any short term pull back will have a low probability of sustaining the higher levels. On the other hand, if the price continues to decline then bears may try to pull down to $1.500 in the coming weeks. The technical analysis suggests, PancakeSwap price is near to the oversold territory and is likely to enter consolidation.
CAKE price lost confidence of Investors
CAKE Price fell 23% approx on a weekly time frame and formed a bearish pattern. PancakeSwap crypto seems to have lost the confidence of the long term investors. The technical indicators like MACD had generated a negative crossover.
It indicates prices are in bear grip and likely to trade with the bearish bias. The RSI at 15 denotes highly oversold territory and short term relief rally may trigger any time to clear out the existing shorts.
Conclusion
PancakeSwap price fell 28% in the current month and eroded the returns generated in the past one year. CAKE price formed bearish patterns and hit yearly lows. The technical analysis suggests PancakeSwap price is in oversold territory and likely to enter consolidation.
Technical levels
Resistance levels : $2.500 and $3.000
Support levels : $1.500 and $1.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.