- PancakeSwap price demonstrates bearish on a daily time frame.
- The RSI is at 37 which has rapidly dropped from the overbought zone.
In the first week of November 2023, the PancakeSwap (CAKE) price surged by 100% in a week by surpassing the significant moving average. The PancakeSwap price has been bullish since November and rose by 200% until the last week of December.
The CAKE price had performed bullishly since November but the trend was interrupted near the $4 hurdle in the first week of January and profit booking was observed. The PancakeSwap crypto price has dropped by 40% in January.
The PancakeSwap cryptocurrency is headed for a more severe decline as it consistently breaks down the structure and moves in step with a downward trend line, failing to break through the resistance level and reaching new lows.
The RSI is at 37.71 and heading toward the oversold zone. PancakeSwap price has been struggling between the 20-day and 200-day moving averages.
The circulating supply of PancakeSwap crypto is 248,140,398 CAKE and the fully diluted market capitalization is $1,098,113,069. The maximum supply of PancakeSwap is 450,000,000 CAKE and the total supply is 385,759,630 CAKE.
The PancakeSwap Price Has Formed Head and Shoulder Pattern on 1-D Timeframe
The CAKE crypto asset is displaying bearish qualities and can lose more value. It has illustrated poor performance in the past week, and past month, by 4.98% and 29.87% respectively, indicating a steadfast downward trend.
On a daily timeframe, PancakeSwap crypto price has performed negatively in the past as displayed on the chart. PancakeSwap price has formed a head and shoulder pattern and is currently near the neckline.
If the CAKE price slips below the 200-day moving average and fails to defend the $2 hurdle, sellers may dominate and the price can be melted to the $1.25 mark.
On the other hand, if the CAKE crypto price rises and sustains a 20-day moving average, buyers may lift the price to the resistance level of $3. Suppose the CAKE price surpasses the $3 hurdle with bullish momentum, it may approach the strong resistance level of $4 and a trend reversal can be seen.
PancakeSwap Price Prediction FAQs
What is the CAKE price prediction today?
The PancakeSwap price is predicted to gain 0.16% to hit 2.45 by today.
What is the CAKE price forecast for tomorrow?
According to our analysis, the PancakeSwap crypto price is forecasted to drop 1.73% to reach 2.41 by tomorrow.
What is the PancakeSwap price prediction for this week?
As per the price action, the CAKE price is predicted to remain bearish. The price is forecasted to range between $2.45 & $2.29 by this week.
What is the PancakeSwap price forecast for next week?
According to our analysis, the CAKE price may perform negatively. The CAKE crypto price may range between $2.29 & $2.11 by the next week.
Summary
Based on the analysis of the daily timeframe, the PancakeSwap (CAKE) crypto asset is displaying a bearish pattern and can continue to lose value soon. The RSI is heading towards the oversold zone and the price has been struggling between the 20-day and 200-day moving average. The PancakeSwap price has formed a head and shoulder pattern and is currently near the neckline.
Technical Levels
Resistance: $3.00 & $3.75
Support: $2.15 & $1.25
Disclaimer
Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is especially volatile and speculative, and this article does not advise investing in cryptocurrencies or other ICOs. Since everyone is unique, a certified professional should be continually consulted before making any economic decisions.