- PancakeSwap is hovering around the $3.19 level.
- CAKE’s trading volume has spiked by over 13%.
With a 1.54% spike in the crypto market, some of the assets are charted in green at press time. But the fear sentiment is lingering within the market, as the Fear and Greed Index value is settled at 37. Notably, the assets, like Bitcoin and Ethereum, are trading at around $111.6K and $4K. Among the altcoins, PancakeSwap (CAKE) has posted a loss of over 2.69%.
If the bears apply more pressure on the price action, it may drive the CAKE back to its former support zones. In the morning hours, the asset traded at a high of $3.58. The bearish wave has taken the price to a low of $3.18. At the time of writing, PancakeSwap traded at around $3.19, with its daily trading volume having spiked by over 13.17%, reaching $743.88 million.
Zooming in on the 7-day price chart, PancakeSwap has registered a fall of over 25.28%. The asset began trading the week near $4.30, and the bearish encounter has triggered the asset to slip toward the $1.94 range.
Will CAKE Bounce Back or Continue Its Slide?
PancakeSwap’s Moving Average Convergence Divergence (MACD) line is below the zero line, but the signal line is above zero, which indicates mixed or weakening momentum in the market. Besides, the Chaikin Money Flow (CMF) indicator found at -0.00 suggests a balance between buyers and sellers in the CAKE market, with no strong trend. Notably, there is no net inflow or outflow of money into the asset.
CAKE chart (Source: TradingView )
CAKE’s daily Relative Strength Index (RSI) is positioned at 43.56 hints at its neutral to slightly bearish zone. With no extreme conditions, it shows mild selling pressure, but might approach the oversold zone . Moreover, the Bull Bear Power (BBP) reading of -0.313 signals slight bearish dominance in the market. With the negative value, the market is under moderate downward pressure.
PancakeSwap’s price movement gives a bearish outlook, and it might backpedal to the $3.12 level. Further losses could likely trigger the price to fall steeply back to its former lows below $3.05. Conversely, a bullish shift could push the asset to move up to retest the resistance at $3.26. With a continuous gain, CAKE might reinforce the bulls and can target a range between $3.32 and $3.40.
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