- PancakeSwap Price fell 42% on a monthly basis and hitting yearly lows.
- CAKE Price formed a highly bearish pattern and trading below both the EMAs.
- The CAKE crypto witnessed a massive surge in the selling volume.
PancakeSwap Price fell 42% on a monthly basis and formed a highly bearish pattern. It broke down the important support level of $2.500 which triggered negative sentiment. Long term investors seem to be losing confidence and exiting on higher levels.
CAKE crypto witnessed massive surge in the selling volume and prices are falling with a high momentum. It indicates that genuine buyers are hesitating to create fresh long positions and no signs of recovery are visible.
CAKE Price rejects the 200 day EMA and slowly it dropped below the 50 day EMA shows the positional trend is in downward direction. However, the price has gone far away from both the EMA therefore short squeeze may trigger any time to clear out the existing shorts.
PancakeSwap Price is trading at $1.524 with an intraday decline of -7.41%. The 24 hour volume to market ratio is 0.1813. The pair of CAKE/BTC is trading at 0.0000580 with an intraday decline of -7.20%.
The chart pattern of PancakeSwap with BTC pair is also in strong downtrend and forming a similar pattern like USDT pair. It shows the sellers are active in both the pairs and dominance is visible.
At the beginning of February, PancakeSwap price faced resistance at $4.749 and formed a bearish Marubozu candle. It showed the signs of bearish trend reversal and prices began to decline by forming lower lows.
PancakeSwap Price is collapsing
PancakeSwap Price consolidated for a few weeks near $3.500 and buyers tried to reverse the trend in favor of bulls. Sadly, prices slipped below the lower range as well as $3.00 support which invited the further decline. Presently, CAKE Price is continuously falling and hitting fresh lows.
The PancakeSwap crypto has corrected a lot due to the fact that either prices will enter consolidation or a wild up-move might be visible. As of now, price is in bear grip and selloff might continue for some more time.
On the downside $1.00 will act as strong support in coming months. The technical analysis suggests, Investors lacking the confidence in CAKE crypto and more downside is possible.
CAKE crypto price enters oversold territory
CAKE crypto price has fallen for the past five consecutive weeks and formed bearish patterns on multiple time frames. The market leader Bitcoin and Ethereum Price is turning mild bearish which is negatively impacting the prices of other Altcoins.
Therefore, if the overall market recovers then downfall in PancakeSwap might take halt and price may enter consolidation. The technical indicators like MACD curve is sloping sideways indicating consolidation. The RSI at 13 denotes prices are highly oversold and a relief rally may trigger any time.
Conclusion
PancakeSwap Price fell 42% on a monthly basis and formed a highly bearish pattern. It seems like long term investors are exiting from the higher levels. The technical analysis suggests CAKE price is in a strong downtrend and no signs of recovery are visible. However, the price is highly oversold and a relief rally may trigger anytime.
Technical levels
Resistance levels: $2.500 and $3.000
Support levels: $1.500 and $1.000
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.