The CAKE token price is under extreme selling pressure as it teases a bearish triangle breakout. Hence, bearish opportunities are surfacing.

PancakeSwap, an automated market maker or (AMM), is a decentralized financial (DeFi) app that allows users to exchange tokens. This provides liquidity through farming and earns fees in return.

PancakeSwap allows users the ability to trade BEP20 tokens. It also provides liquidity to the exchange, earn fees, stake tokens to earn CAKE, stake tokens to earn more CAKE, and stake tokens of other projects.

Let us now take a deep look into the technical analysis of PancakeSwap.
<h2>Past Performance of CAKE</h2>
The CAKE coin price <a href="https://www.cryptoknowmics.com/news/cake-technical-analysis-high-selling-pressure-expect-the-price-to-fall-and-take-support-at-the-fibonacci-level-of-17-60/">moves within a descending triangle</a> in the daily chart after the supply dump near the $26 mark. Currently, the coin price trades at the support zone of the triangle. Moreover, the increased selling pressure indicates a bearish fallout. 

Hence, investors can shortly see a downfall to the $12 mark in a few upcoming weeks.

<img src="https://s3.tradingview.com/snapshots/c/ch9FJjie.png" alt="TradingView Chart" />

Source -<a href="https://www.tradingview.com/x/ch9FJjie/"> Tradingview</a>
<h2>CAKE Technical Analysis</h2>
As the market cap fell 0.66% in the past 24 hours, the CAKE token price trades at $17.63 at the time of writing. Moreover, the intraday trading volume falls 12% as the price breaks below the triangle.

If the price breaks below the support zone of $17, the coin price can reach the support level of $15 and $11, as per Pivot Points. However, in case of a bullish reversal, the resistance levels at the $20 and $25 marks can push the price back.

The RSI slope falls below the central mark and can shortly reach the oversold territory. Hence, the RSI indicator implies extreme selling pressure.

The MACD and the Signal line generate a bearish crossover in the daily chart. Moreover, the bearish histograms are increasing. As a result, the MACD indicator generates a sell signal for the CAKE token.
<h2>Upcoming Trend</h2>
As per the technical analysis of PancakeSwap, the CAKE coin price is under extreme selling pressure as it trails below the triangle. Thus, the bearish breakout of the descending triangle is imminent. 

Hence, traders can find bearish opportunities if the price closes below the support zone.

CAKE Technical Analysis: Triangle Breakout Will Bring Downfall

The CAKE token price is under extreme selling pressure as it teases a bearish triangle breakout. Hence, bearish opportunities are surfacing.

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

CAKE Technical Analysis: Triangle Breakout Will Bring Downfall

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