- The PancakeSwap crypto price is struggling between the 20-day and 200-day moving averages.
- The RSI is at 37.71 and it has slowly declined from the overbought zone.
Since November, the PancakeSwap (CAKE) price has been bullish and registered a high of $4 on December 28, 2024, and jumped by 218%. The CAKE crypto price tried to sustain the $4 hurdle but sellers dominated and a bearish trend was observed.
The CAKE price has declined by 32% since the first week of January which indicates profit booking. In the second week of January, the PancakeSwap price tried to sustain the 20-day EMA but failed and it slipped below the 100-day EMA.
The PancakeSwap crypto is trading at $2.42 with an intraday gain of 0.83%. The fully diluted market cap of the CAKE crypto is $1,091,261,629 and its 24-hour trading volume is $51.41 million with a fall of 17.60%.
The market capitalization of the CAKE crypto is $562.28 million, which has decreased by 2.89% in the last 24 hours. In terms of the market cap, the PancakeSwap crypto ranks 103rd in the cryptocurrency market.
Will the PancakeSwap Crypto Price Regain $3 This Month?
On a daily time frame, the PancakeSwap crypto price has witnessed selling pressure and the price has declined by 32% in the last few weeks. Currently, the CAKE crypto price is struggling between the 20-day and 200-day moving averages.
If the PancakeSwap price slips below the 200-day EMA and fails to defend the strong support level of $2.40, a selling signal can be generated according to the chart and the price may perform negatively.
On the other hand, if the CAKE crypto price rises and surpasses the 20-day EMA, it may approach the $3 hurdle in the next few days. If the price sustains the $3 hurdle with bullish momentum, the buyers may lift the price to the last swing high and a bullish trend can be initiated.
The RSI is at 37 and heading toward the oversold zone which indicates the sellers’ dominance. The PancakeSwap crypto is trading over the 200-day moving average which indicates that buyers are still in the game.
CAKE Price Prediction FAQs
What is the CAKE crypto price prediction today?
The PancakeSwap price is predicted to gain 0.79% to reach $2.425 by today.
What is the PancakeSwap price prediction for tomorrow?
According to our analysis, the PancakeSwap crypto price is forecasted to drop by 2.55% to hit $2.36 by tomorrow.
What is the CAKE crypto price prediction for this week?
Based on our analysis, the CAKE price is forecasted to range between $2.44 at the upper end and $2.31 at the lower end.
What is the current CAKE price sentiment?
The current price prediction sentiment is bearish according to our analysis.
Conclusion
Based on the analysis, the PancakeSwap (CAKE) crypto price is struggling to defend its 20-day and 200-day moving averages. The decline in the RSI from the overbought zone and the profit booking trend indicate the sellers’ dominance. If the price slips below the 200-day EMA and fails to defend the support level of $2.40, a bearish trend may be observed.
Technical Levels
Resistance: $3.00 & $3.75
Support: $2.42 & $2.15
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.