- PancakeSwap price analysis is bullish for today.
- CAKE/USD saw a 25 percent drop today.
- PancakeSwap found support at $18.5.
PancakeSwap price analysis is bullish for today as a retracement of more than 25 percent was seen over the last 24 hours, and a heavy rejection for further downside was seen around the $18.5-$21 price area. Therefore, we expect CAKE/USD to reverse and look to regain the loss later today.
The cryptocurrency market traded with strong bearish momentum over the last 24 hours. Market leaders, Bitcoin and Ethereum, are down by 8.36 and 10.62 percent, respectively. Meanwhile, Solana (SOL) is the best performer, with a gain of over 13 percent.
PancakeSwap price movement in the last 24 hours: PancakeSwap drop more than 25 percent
CAKE/USD traded in a range of $18.83 – $24.90, indicating extreme volatility over the last 24 hours. Trading volume has increased by 38.5 percent and totals $596.1 billion, while the total market cap trades around $4.62 billion, ranking the coin in 32nd place overall.
CAKE/USD 4-hour chart: CAKE starts to regain today`s loss
On the 4-hour chart, we can see heavy rejection for further downside, with CAKE/USD returning back above $20.
PancakeSwap price has struggled over the past week. After setting a new several-month high at $26.57, a drop of almost 20 percent was seen last week. Support was initially found at $21.50, and a higher low was set around $25 yesterday.
However, bulls lacked the momentum to push the market price any higher, and another retracement began today. The previous low of $21.50 was broken rapidly, ultimately sending CAKE/USD to $18.5, where the 50 percent Fibonacci retracement is seen from the previous significant upswing.
Since further downside was heavily rejected, we assume that the PancakeSwap price will continue to increase later today. Overall, this price action development could lead towards another several-week rally above the $26.57 current swing high.
PancakeSwap Price Analysis: Conclusion
PancakeSwap price analysis is bullish for the next 24 hours as any further downside was rejected over the past hours, and the market price has returned above the $20 mark. Therefore, we expect CAKE/USD to continue reversing and reclaim most of the loss over the next 24 hours.
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