PancakeSwap Price Analysis: CAKE Getting Ready For Big Celebration, Keep Eye on Price Action 

• The pancakeswap price is approaching the resistance area amid a high-low trend.
• The cake token is located above the green moving line of the EMA ribbon indicator.
• The RSI indicator is showing an upward move for the Cake token.

The PancakeSwap token (LINK) is showing an optimistic bullish trend for investors. The price action suggests a high-low formation in the context of the daily price scale. Buyers are turning each downtrend into a bullish opportunity, so a smooth uptrend continues so far.

Investors are celebrating an almost 80% rally in the last 100 trading sessions. This buying on the dip pattern could continue until buyers push the asset price towards the $10 conceptual round level, but this feat will take time. At the time, Cake price was inspecting a key resistance area of ​​$4.5 to $4.8 (red box).

Source: CAKE/USDT by Tradingview 

Buyers have been accumulating the PanecakeSwap price above the bullish trendline (white) for the past several days. Above the immediate resistance zone, buyers will accumulate prices until $5.5. Besides, the $2.5 level has a key hedge zone of buyers. 

Meanwhile, the CAKE token against the USDT pair is trading at $4.62 Mark at the time of writing. Thus, the token is trading higher by 8.5% so far this week. The market cap of PanecakeSwap token is up by 3.45% at $660 Million in the last 24-hours. Moreover, the CAKE/BTC pair price is slightly up by 3.3% at 0.0002426 Satoshis. 

Bulls Are Ready to Break Resistance Zone 

Source: CAKE/USDT by Tradingview 

In the context of daily price scale, CAKE token is remaining above the green moving lines of EMA Ribbon indicator and now the 200-MA remains to break. In addition, the MACD is observing above the neutral zone. 

Conclusion 

The PancakeSwap token (CAKE) is gearing to reach the 200-Moving Line of EMA Ribbon indicator over the daily price scale. This higher-low structure suggests more gathering in value. 

support level – $3.5 and $2.5

Resistance level – $5.0 and $10

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Source