CAKE Technical Analysis: Will Soon Fall Below the First Support Level of $32.53
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CAKE Technical Analysis: Will Soon Fall Below the First Support Level of $32.53

April 27, 2021      Ankita Awasthi

PancakeSwap is a decentralized blockchain network on the Binance Smart Chain. It is an Automated Market Maker (AMM) that allows users to provide liquidity and earn CAKE tokens as rewards. CAKE is the native token of this ecosystem. The following CAKE technical analysis predicts the price for the next two days:

Past Performance

On April 20, 2021, CAKE opened at $22.73. On April 26, 2021, CAKE closed at $33.56. Thus, in the past week, the price has surged by approximately 47%. In the last 24 hours, CAKE has traded between $32.12-$33.57.

CAKE Price Analysis

https://s3.tradingview.com/snapshots/k/ksBLYM6P.png

Day-Ahead and Tomorrow

Currently, CAKE is trading at $32.56. The price has decreased from the day’s opening price of $33.56. Thus, the market seems to be downtick.

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The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish and the CAKE price is expected to decline further.

Currently, the RSI indicator is at 26% – deep into the ‘oversold’ region. Hence, selling pressures are very high. Heavy offloading of the crypto will push its price downwards. Hence, the RSI indicator is giving further credence to a price downswing.

The OBV indicator is also falling. This implies that selling volumes are higher than buying volumes. Hence, like the MACD and RSI oscillators, the OBV indicator is also giving bearish signals. Thus, the price is poised to go down further.

CAKE Technical Analysis

As per technical analysis, currently, the price is below the Fibonacci pivot point of $33.08. It will soon fall below the first support level of $32.53. At some time, the price is likely to fall below the subsequent support levels of $32.19 and $31.63, respectively.

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The price has tested and fallen below the 23.6% FIB retracement level of $32.46. The price is soon expected to fall below the 23.6% FIB extension level of $31.78 as well. Thus, the price downtrend is strong and expected to continue tomorrow as well.

#CAKE #PancakeSwap
Ankita Awasthi
Ankita Awasthi

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.