- PancakeSwap (CAKE) price surged by 0.33% on the last day, and it is currently trading at $1.50.
- PancakeSwap (CAKE) price made an all-time low price of $0.0002 (3 years ago) and an all-time high of $44.18 (2 years ago).
PancakeSwap (CAKE) cryptocurrency was launched in 2020, is an automated maker decentralized finance (DeFi) application allowing users to exchange tokens. These tokens can later be used to reclaim their share of the pool. These tokens are known as FLIP.
PancakeSwap’s price is currently trading at $1.50 with an increment of 0.33% in the past 24 hours. According to coinmarketcap data, CAKE cryptocurrency holds a total market cap of $313.4 Million and ranks at 98th position in the crypto market. It has received $25.2 Million in volume in the past 24 hours which is 5.1% less than last day. Also, it has over 208 Million circulating supply which is 27.8% of the total supply. The volume-to-market cap ratio of 8.06% indicates medium volatility in the market.
Flare Price Technical Analysis
As per the analysis of the chart in a daily timeframe, PancakeSwap’s price has been declining since May 2023 after the breakdown of the crucial support level at $1.95. PancakeSwap price declined forming lower highs and lower lows and taking rejection from a trendline resistance. However, from June 2023, the price took support from the demand zone at $1.31 and bounced back almost 25% from the swing low. However, the price could not break the trendline resistance and declined from there.
Currently, PancakeSwap cryptocurrency is trying to form a symmetrical triangle pattern as buyers are getting active at every dip and pushing the prices higher. The volume data analysis of the CAKE coin states a rise in volume after the price makes a dip. However, for the price to surge higher, the price will need to break above the trendline resistance and previous swing high. For that, the CAKE coin needs to accumulate more buyers at the current level to make a breakout.
However, if buyers are unable to make a breakout from the trendline resistance, then sellers will try to break the swing low and the price may again decline upto the demand zone.
Indicator Analysis
As per the EMA analysis, CAKE’s price is trading above 20 EMA, which shows the short-term active participation of buyers in the market. Also, it is observed that the price is still below the 50-day EMA which indicates that the 50-day EMA may act as a resistance as the price approaches it.
At the time of publishing, the RSI value of PancakeSwap is 50, and that of the SMA line is 48.41. RSI is headed to the upside and trading the SMA line, indicating short-term bullish sentiment in the market.
MACD lines have made a bullish crossover, and both are trying to break above the mean line. Also, histogram bars have started forming above the mean line with increasing height, confirming the bullish sentiment being built up in the market in the short term.
Conclusion
As per the combined analysis of price action and indicators, PancakeSwap (CAKE) price has the interest of buyers and it is trying to change its trend from bearish to bullish in the short term. The volume analysis also shows the participation of buyers at every dip and the price is also respecting the previous swing formed.
Currently, the price is trying to sustain at a crucial level near the trendline resistance. If the price can break and sustain above the trendline resistance, then it will result in a change in trend and the price may surge up to $1.95. Indicators are also showing short-term bullish sentiment in the market.
However, if buyers fail to surge the price, then sellers will try to continue with the ongoing trend and the price may decline up to the previous demand zone at $1.31.
Technical Levels
- The support levels at $1.31 and $0.96
- The resistance levels at $1.61 and $1.95
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
