PancakeSwap Price: Will CAKE Recover from Its Bearish Trend?

• The CAKE coin has been in a strong downtrend since it marked its yearly high.
• It is currently trading at $1.18 with a repulse of 0.18% in the last 24 hours.
• The token is down by 97.32% from its all-time high.

The CAKE token has recorded its yearly high of $4.7 in the second week of February this year. From there the price started a strong bearish trend and the token’s value decreased by 75%. 

It is currently trading with a drop in the trading volume by 13% in the last 24 hours.

The token marked its all-time high on 30th Apr 2021 when it was priced at $44.18.

The present market capitalization of the token is $263.34M. It has a current circulating supply of 222.45M CAKE, which is only 29.66% of its total supply. The 24-hour trading volume of the token is $12.91M.

Sentiment Analysis

The price of the token has increased by a bit of 0.5% and the total market volume of the token has surged by 84.12% in the last 1 week. The total bullish sentiments have grown by 1.35%. Overall sentiments are indicating a positive price action as the volume has begun to rise and the social community has started to engage.

Technical Analysis Of the CAKE Coin (Daily-1D) 

The token is presently taking support from the level of $1.17. If the price closes the candle above the support level of $1.17, it can reach $1.23 to $1.25. Also, If the price gets rejected, it can again fall to the level of $1.16 to $1.17 support level.

If CAKE price breaks below the support levels of $1.16 to $1.17, the next support is at $1.13. Suppose the volume decreases immensely and the price breaks down below $1.13, it will continue its bearish trend.

The price is presently trading at the 20-day EMA and it is below the 50, 100, and 200-day EMAs, which shows bearishness in the price.

Indicators About CAKE

Relative Strength Index (RSI)

The RSI line is presently moving at 48.07 points and the SMA 14 is moving at 42.76 points. It is below the neutral level of 50. The RSI is showing a bearish trend of the token. If the RSI moves above neutral level it can be a positive sign for the price.

Moving Average Convergence/Divergence (MACD) 

The fast blue line moving average is above the red slow line moving average. The histogram shows low volumes, which are significantly falling which is a bearish sign for the price. If the price has to move bullish, the volume has to start increasing.

CAKE LIVE CHART 

Conclusion 

If the CAKE price sustains above the support level of $1.17 and closes above the support, the price can reach $1.23 to $1.25.

Also, If the price falls from the support level of $1.16 to $1.17, the price can fall to $1.13 and further if the volume keeps on declining.

Technical Levels 

Support: $1.17, $1.16 and $1.13

Resistance: $1.23, $1.25 and $1.31

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.