PancakeSwap Price Prediction: CAKE Prepares to trade below $1.00?

• PancakeSwap Price Prediction is bearish till trades below $2.00.
• The CAKE Price faces rejection from the 50 day EMA.
• The PancakeSwap Price entered the narrow range of consolidation.

PancakeSwap Price Prediction is highly bearish till it trades below the $2.00 level. The sellers are continuing the dominance and short term pull back is facing rejection from higher levels. 

CAKE Price witnessed a massive sell off in the past few months and eroded the big portion of market capitalization. The sellers lacked the downside momentum near $1.300 and entered into consolidation. 

The volume increased substantially but prices lacked directions and got stuck into the narrow range consolidation. 

PancakeSwap Price is trading below the 50 day and the 200 day EMA showcase downtrend. The chart pattern is highly bearish and no signs of recovery are visible. 

The CAKE Price fell with a strong momentum and looks like some genuine investors had exited from the higher levels. Therefore, the probability of reversal remains low. On the lower side, buyers seem reluctant to build fresh long positions due to the fear of further selloff. 

PancakeSwap Price is trading at $1.450 with an intraday decline of -0.55%. The 24 hour volume to market cap is 4.16%. 

The pair of CAKE/BTC is trading at 0.0000482 with an intraday decline of -0.21%. Both the chart structure is in bear grip and trading near to lows.

Will PancakeSwap Price be able to defend $1.00?

PancakeSwap Price showed a short term pull back but the 50 day EMA turned out to be a hurdle. Prices again reverted in downward direction and likely to hit new lows. 

Till the CAKE Price is trading below $2.00 any short term up-move will have a high probability of getting rejected. Therefore, it’s better to avoid building any long positions. If the sell off continues and prices drop below the $1.300 support then sharp decline toward $1.00 is possible. 

The overall crypto market is bullish despite that no positive sign is visible in CAKE crypto. It indicates that investors have lost confidence and it will be difficult for the PancakeSwap to bounce back. 

CAKE Price bearish on multiple time frame

CAKE Price is forming a bearish pattern on the multiple time frame. The market participants are reluctant to inject money in the falling knife. The next phase of downfall will begin when sellers break down the $1.00 support. 

The MACD curve is facing resistance at the zero line and on a way to generate a negative crossover. It indicates that sellers are getting active and more downside is possible. The RSI at 42 denotes weakness and likely to test the oversold territory in the coming weeks. 

Conclusion

PancakeSwap Price Prediction is bearish and no signs of recovery is visible. The CAKE Price is stuck in a narrow range and buyers are trying to defend $1.300 level. However, the technical analysis suggests CAKE crypto is in bear grip and more downside is possible. 

Technical levels

Resistance levels: $2.000 and $2.500

Support levels: $1.300 and $1.000

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.