- PancakeSwap’s price was up by 35% last month which shows the buyers’ strength.
- RSI is at 68 which is heading for the overbought zone indicating the buying pressure.
PancakeSwap (CAKE) price has been in a bearish trend for a wider time frame but bulls are dominating in the short term. According to the technical chart, the PancakeSwap crypto price performed positively last month with a nearly 35% gain.
The PancakeSwap price had been in a bullish trend throughout the last year but in the last week of December 2024, the price faced resistance from the $3.60 mark and witnessed selling pressure for the short term. Currently, the CAKE price is in an upward trend and heading for the last swing high.
PancakeSwap price is trading at $3.34 with an intraday loss of 0.30%. The market capitalization is $835.74 Million and the treading volume is $160.83 Million which increased by 32% in the last 24 hours.
RSI is at 68 which showcases bullish momentum. The price is trading far over the significant moving average, indicating buyers’ dominance. The circulating supply of PancakeSwap is 250,069,897 CAKE and the fully diluted market cap is $1.50 Billion. The total supply is 394,501,360 CAKE and the maximum supply is 450,000,000 CAKE.
PancakeSwap Price Prediction on Daily Timeframe
Based on the technical chart, the CAKE crypto price has been in a bullish trend and is rising by taking support on the trendline. Recently, the price has triggered a pullback and has surpassed the recent high and heading toward the last swing high.
If the buyers manage to lift the price to the resistance level of $3.60 then a little bit of selling can be detected. If the price surpasses the resistance level and triggers a pullback the buying momentum for the next few weeks can be expected because it is already in a bullish trend.
Alternatively, if the CAKE price slips below the $3 mark, then it may easily drop to the trendline. If the price fails to defend the trendline, then selling pressure will be seen and profit booking will be observed on the chart.
CAKE Price Technical Analysis on 4-H Timeframe
In a 4-H time frame, the PancakeSwap price has formed a flag and pole pattern and triggered a breakout. Currently, the price is facing resistance from the $3.40 mark and witnessed a fall of approximately 4%. If the buyers hold the grip then this fall can be converted into a pullback.
If the price surpasses the resistance level of $3.40 then it may perform positively for the next few days. If the price drops below the $3.00 mark then it may easily melt to the $2.80 level in just a few days.
Conclusion
Based on the technical analysis, it can be concluded that PancakeSwap (CAKE) price has been in a bullish trend and is expected to continue its upward movement. The buyers’ dominance is visible, and the RSI is heading towards the overbought zone indicating bullish momentum. However, if the price fails to defend the trendline, selling pressure can be seen. If the buyers manage to lift the price to the resistance level of $3.60, then the buying momentum for the next few weeks can be expected.
Technical Levels
Resistance: $3.40 & $3.60
Support: $3.00 & $2.70
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.