In the past week, CAKE surpassed UNI as the Defi swap with the highest volume.
Pancakeswap (CAKE) opened at $13.22 on February 19, 2021. As of February 24, 2021, the closing price of CAKE is $14.16. Thus, CAKE has surged by roughly 7% in the past week.
In the past 24 hours, CAKE is trading within the price range of $13.03 – $16.13.
How CAKE Looks Ahead
Currently, CAKE is trading at $13.59. The price has fallen from the opening price of $14.16. Thus, the market looks bearish.
The OBV indicator has fallen steeply in the past 24 hours. Thus, selling volumes are higher than buying volumes. Hence, we can expect the price to fall further.
The MACD and signal lines are negative. The MACD line has cut the signal line from above indicating a ‘bearish crossover’. Thus, the market momentum is bearish. Hence, we can expect the price to go down.
Presently, the RSI indicator is at 40%. The RSI is facing a bullish swing rejection at 36% and a bearish swing rejection at 56%. Thus, selling pressures are higher than the buying pressures. Hence, we can expect a brief price pullback.
The ADX indicator is rising for the past 2 hours. However, the price is falling. There is positive divergence here. Thus, the bears are weakening and the bulls may take over soon. In short, a trend reversal is on the horizon.
Currently, the CAKE price has fallen below the Fibonacci pivot point of $14.44. It is likely to fall below the first Fibonacci pivot support level of $13.25 in some time. If the downtrend continues, then the closing price may fall below the second Fibonacci pivot support level of $12.52.
At present, the price has fallen below the 23.6% FIB retracement level of $13.76. By the end of the day, it may fall below the 23.6% FIB extension level of $12.30, as the bears are stronger than the bulls. In that case, the price downtrend may continue tomorrow as well.