PancakeSwap was launched in September 2020 and is a decentralized exchange for swapping BEP20 tokens on Binance Smart Chain. PancakeSwap uses an automated market maker model where users trade against a liquidity pool. Let us look at the technical analysis of CAKE.
<h2><b>Past Performance of PancakeSwap</b></h2>
CAKE opened on 01 October 2021, at $18.91. There was an overall increase of 10.65% and the <a href="https://www.cryptoknowmics.com/news/pancakeswap-cake-and-trustswap-swap-technical-analysis-bears-giving-up/">week ended</a> with a close at $19.46 on October 7, 2021.

<img class="tv-snapshot-image" src="https://s3.tradingview.com/snapshots/e/EQxtsBz1.png" alt="TradingView Chart" />

Source: <a href="https://www.tradingview.com/x/EQxtsBz1/">https://www.tradingview.com/x/EQxtsBz1/</a>
<h2><b>CAKE Technical Analysis</b></h2>
CAKE has been moving in a box for the last few days. This box is narrowing further. Traders will have to see in which direction the trend breaks the box, before making a call.

Currently, the trading price is $19.59, which is 0.82% above the previous day's price movements.

<strong>OBV</strong> has been fairly constant, which again signals that CAKE has entered a box. Traders need to hold their positions or wait to enter the market before making a call.

<strong>RSI</strong> is currently at 47.86%, which is again near the equilibrium, signaling a box entry.

<strong>MACD</strong> is not showing any divergence. However, fast and slow lines are moving closer, which means it is very less volatile. Again, a signal to hold the position.
<h2><b>Day-Ahead and Tomorrow</b></h2>
Fib numbers are showing similar results as well. Thus, the CAKE trend has entered a box, which means traders need to wait before making any call to enter or leave the market.

CAKE Technical Analysis: Price Moving in a Narrow Box for the Last Few Days

PancakeSwap (CAKE) seems to be moving within a range of $17.96 to $23.06. It opened on 01 October 2021, at $18.91. There was an overall increase of 10.65% and the week ended with a close at $19.46 on October 7, 2021. 

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.

CAKE Technical Analysis: Price Moving in a Narrow Box for the Last Few Days

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