PancakeSwap Price Analysis: CAKE Gearing Up for a Massive Rally?


  • PancakeSwap price analysis is bullish today.
  • PancakeSwap is presently valued at $1.19
  • CAKE price flashes signs of bearishness on 7-days price chart.
  • CAKE/USD pair trading below EMA(20).

24 September 2023 : In this article we will walk you through PancakeSwap price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for PancakeSwap, Is CAKE a good investment? PancakeSwap support & resistance levels etc. But before diving deep into the CAKE technical analysis, let us talk about the current market conditions.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $1,054,404,520,847. The total trading volume stands at $14,747,385,253. Bitcoin shares 49.16 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price rising to $26,588.00 level after an upward movement of 0.05%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 0.16 percent reaching to $1,594.37 during the previous 24 hours.
While publishing this blog, BNB traded at $210.67, following a price change of -0.03%within the same time frame. XRP the native coin of XRP is up by 0.17 and currently trading at $0.51. Additionally, Cocos-BCX reached $0.60 after seeing a decline of -0.77% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.

PancakeSwap Support and Resistance

Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of PancakeSwap (CAKE)

CAKE Resistance Levels CAKE Support Levels
Resistance Level 1 $4.71 Support Level 1 $4.29
Resistance Level 2 $4.91 Support Level 2 $4.07
Resistance Level 3 $5.12 Support Level 3 $3.87

PancakeSwap Performance

The daily chart of PancakeSwap shows that the CAKE price has surged up with a 1.29% increase in past 24 hours. The price value of the PancakeSwap (CAKE) coin is standing at $1.19 with market capitalization $266,257,359.00 USD. CAKE price changes -2.82% over the week while the trading volume is hovering around $16,247,188.00 USD.

PancakeSwap Price Analysis

CAKE price analysis for 24 September 2023 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the PancakeSwap.

Moving Averages Price Indicator
Simple Moving Average (10) 4.51 Sell
Exponential Moving Average (10) 4.53 Sell
Simple Moving Average (20) 4.58 Sell
Exponential Moving Average (20) 4.59 Sell
Simple Moving Average (50) 4.40 Sell
Exponential Moving Average (50) 4.41 Sell

The MACD line is standing below of the signal line after a crossover. PancakeSwap investors need to wait for any directional change over the daily chart. The PancakeSwap has break all its supports levels and things are not looking good for the crypto market. Currently, bears are in control of the market and successfully take CAKE price below the crucial support level of $4.29. The Relative strength index (RSI) for CAKE Coin is currently hovering at 40 for 14-days average line, which means CAKE is in consolidation zone right now. While CAKE’s Williams %R indicator is at -32.246 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range.

Conclusions

CAKE price is moving in sideways direction. The battle between the bulls and the bears can result in moving the coin price in either direction. However, The investors are waiting for PancakeSwap to make a one directional move to make a good entry in the market.