- Price is trading below its listing price.
- Price erased 97% of its gain from the high.
JOURNEY OF THE COUNTER TILL NOW :-
PancakeSwap listed on 1 sept 2020 at $ 1.37 and within 7 month this counter gave more than 3000% return as the price of stock went from $1.37 to $ 44.7 levels in April 2021 but after that the stock shown a major decline in its price and it came back below the listing price in July 2023 erasing out more than 95 % gains.
TECHNICAL ANALYSIS OF CAKE ON 1 WEEK TIME FRAME :-
On a weekly time PancakeSwap frame the price is near to the downward sloping trendline which is placed just near the current market price of the cake i.e $1. 23. The support is place near the $ 0. 64 levels. Both the EMAs i.e 50 and 100 are place at $ 3. 0 and $ 5.44 respectively and currently sloping downward.
TECHNICAL ANALYSIS ON 1 DAY TIME FRAME ( 1 D ) –
The PancakeSwap price is currently trading below the channel it was made from June 2023 to aug 2023. After the channel break, the price which was acting as a support now acting like a resistance and push the price down. On a 1 day time frame the EMA i.e 50 , 100 and 200 is sloping downward and currently place at $1.37 , $1.60 and $2.16 respectively and in a very steep angle which is not a good sign for this counter.
Now the support of Channel which is now acting like a resistance is a major hurdle for this counter and then 50 EMA will restrict the price to go higher.
TECHNICAL ANALYSIS ON 1 HOUR TIME FRAME ( 1 H ) –
On 1 hour time frame there is some clear picture that support is rising and resistance is at same place which means the price is forming a rising wedge pattern along with it surpass the 50 and 100 EMA which is currently place at $ 1.235 and 1.237 respectively but is currently trading below its 200 EMA levels which is place at $ 1.247 near to the resistance levels of rising wedge pattern. The resistance of trendline is currently place at $ 1.245 and support of trendline is currently place at $ 1.228 levels as on 6 sep 2023.
PAST PERFORMANCE :-
1 WEEK – – (5. 43) %
1 MONTH – – (16. 85 ) %
1 YEAR – – ( 70. 02 ) %
CONCLUSION :-
In Conclusion, the stock is currently in a downward trend on all time frame so the view is also negative on broader time as on weekly time frame the price is near to the trendline which will act as resistance and on daily time frame the price is trading below the channel so it is also a bearish sign and on hourly time frame the price is creating a rising wedge pattern so it can be a beginning of a up move but once it crosses the $ 1.27 levels only then we can say that the market unlocked the upper levels.
TECHNICAL ANALYSIS :-
Resistance – $ 1.24
Support – strong support at $ 1.22
DISCLAIMER-
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.