PancakeSwap price prediction suggests an increase in the short term and may show a decent bounce from lower levels. A slightly bullish pattern is forming and buyers are doing their best to hold on to recent gains.
In early November, CAKE price broke the $2 barrier with huge volume. This upward move caught the attention of existing investors and raised hopes of a reversal.
After a few days of rally, PancakeSwap price lost bullish momentum near $0.2854 and entered a consolidation.
At the time of the breakout, a sudden increase in buying volume is seen. It appears that the recent bullish move is a mix of genuine buying and short covering.
The 50-day EMA positively crossed the 200-day EMA, which showed a golden crossover. But the price did not react much and continued trading in the range.
Previously, buyers twice tried to overcome the $2,800 hurdle and extend the range to the upside. But the attempt failed and the price returned to the range, indicating that sellers are active at higher levels. Fortunately, buyers are active in the lower range and are successfully defending it.
Will PancakeSwap Price Break the $3.00 Hurdle?
Source: Tradingview CAKE/USDT daily chart
PancakeSwap price is trading with a slight bullish bias and buyers are trying to give it follow-up momentum.
Meanwhile, the broader crypto market is also bullish with BTC hitting year-to-date highs. Therefore, the price of CAKE may be positively affected in the coming weeks.
The next direction will be visible when buyers can overcome the $2,800 hurdle. Until then, the price is expected to continue consolidating and form a base.
Analysis suggests that until PancakeSwap price sustains above the 50-day EMA, the possibility of a breakout of $3.00 is high. Therefore, bullish traders can look to the scalp to generate short-term profits.
CAKE price forming a bearish hammer candle
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CAKE price is forming a bearish hammer candle on a weekly chart. It shows that the sellers are active, so it will be difficult for the bulls to dominate the higher levels.
The side-sloping MACD curve indicates that the price may stay in the range longer. The supertrend favors the bulls and suggests that until CAKE price holds at $1,951, the trend will remain bullish.
The RSI at 56 near neutral territory indicates an equal level of tug of war between buyers and sellers.
Conclusion
The PancakeSwap price prediction favors the bulls and suggests an increase in the near term. The next direction in the CAKE cryptocurrency will be visible when buyers manage to overcome the $2,800 hurdle.
The analysis suggests that until the price sustains above the 50-day EMA, the probability of a breakout and range expansion will remain high.
Technical Levels
- Resistance levels: $2,854 and $3,200
- Support levels: $2,127 and $1,774
Disclaimer
The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only. They do not provide financial, investment or other advice. Investing in or trading cryptoassets carries a risk of financial loss.
Stefan George
Steefan George is a cryptocurrency and blockchain enthusiast, with remarkable knowledge of the market and technology. With a bachelor’s degree in computer science and an MBA from BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion people onto Web3. His principle is to write like “explaining it to a 6 year old”, so that a layman can learn the potential and benefit from this revolutionary technology.
