- PancakeSwap Price Prediction remained bearish for the long term till it trades below $2.500.
- CAKE Price is oversold and short term pull back is possible.
- The PancakeSwap crypto dives down and has gone far away from both the EMA.
PancakeSwap Price Prediction remains bearish for the long term till price trading below $2.500. CAKE price showed a sharp decline in the previous month and broke down the crucial support of $2.500. It will now act as a strong hurdle for buyers at the time of pull back.
PancakeSwap Price has corrected a lot and it is very difficult to tell when the correction will halt. However, an asset will always try to give a short term bounce to keep the balance between buyers and sellers.
The trading volume in the CAKE crypto is higher than average indicates participants are active and buyers are trying to defend the $1.00 support.
CAKE token Price is below the 50 and 200 day EMA showcase downtrend. However, the distance between EMAs and market price is too wide which might get narrowed down after a minor pullback.
PancakeSwap Price is trading at $1.432 with intraday rise of 2.21%. The 24 hour volume to market cap ratio is 0.0849. The CAKE/BTC pair is trading at 0.0000550 with an intraday rise of 1.66%. Both the pairs are in downtrend but seem to be highly oversold.
Is the correction in PancakeSwap Price coming to end
PancakeSwap Price hit a yearly low at $1.302 and buyers seem to be struggling to defend $1.00. A sharp up-move will trigger when buyers are able to push the price above $1.800. However, the reliability of the up-move will remain doubtful due to strong sellers present on higher levels.
The correction in the CAKE crypto does not look like coming to an end. But due to a steep fall in the previous month CAKE token may enter consolidation for short term base formation.
Till PancakeSwap Price is below $2.500 the pull back is expected to sell off again. The resistance level keeps on sliding down denotes sellers dominance. Moreover, the buyers at lower levels look reluctant to buy in the fear of more downfall.
The technical analysis suggests, The correction in PancakeSwap price is not over but due to sharp decline in previous month, short term bounce is possible.
CAKE Price looks like falling knife
CAKE Price looks like a falling knife in a weekly chart. It is trading near to all time low but still no signs of turnaround or recovery is visible. Investors are keeping an eye on the $1.00 level. If CAKE price drops below $1.00 then another sharp fall will likely to hit the token.
The MACD curve is sloping sideways indicating prices might spend some time in a narrow range. Whereas, the RSI at 33 reversing upward from the oversold territory denotes it may test the neutral zone in coming weeks.
Conclusion
PancakeSwap Price Prediction remains bearish and the possibility of turnaround in the year 2023 is low. The chart structure of CAKE crypto is highly bearish and nobody knows when the correction will take halt.
The technical analysis, more downfall in CAKE price is pending but before that short term pull back might come.
Technical levels
Resistance levels: $2.000 and $2.500
Support levels: $1.000 and $0.800
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.