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PancakeSwap Price Analysis: CAKE breaches $20, targets $21.5 resistance next?

TL;DR Breakdown

  • PancakeSwap price analysis is bullish for today.
  • CAKE/USD continued to advance overnight.
  • CAKE is currently pushing higher.

PancakeSwap price analysis is bullish today as the market continued to push higher over the last 24 hours after establishing a higher low on Friday. Therefore, we expect CAKE/USD to continue higher today and look to test the $21.5 previous high next.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the green over the last 24 hours. Bitcoin is up by 1.53 percent, while Ethereum is 4.95 percent. Meanwhile, Avalanche (AVAX) is the best performer from the majors, with a gain of more than 25 percent.

PancakeSwap price movement in the last 24 hours:  PancakeSwap continued to rally from the $19 support

CAKE/USD traded in a range of $19.32 – $20.45, indicating mild volatility over the last 24 hours. Trading volume has decreased by 27.4 percent and totals $257 billion, while the total market cap trades around $5.11 billion, ranking the coin in 37th place overall.

CAKE/USD 4-hour chart: CAKE targets $21.5 resistance next?

On the 4-hour chart, we can see the PancakeSwap price action rapidly advancing this morning, with the $21.5 resistance as the next target to break.

CAKE/USD 4-hour chart. Source: TradingView

PancakeSwap price action traded with a strong bearish momentum this week. After a new major swing high was set at the end of August around $26.5, CAKE/USD saw the first significant push lower to $21.5.

From there, CAKE rallied during the first days of September until a lower swing high was set around $25. A rapid decline followed on the 7th of September, with CAKE/USD quickly losing another 25 percent. 

Support was eventually found around the $18-$19 price area, reacting to $21.5 over the following 24 hours. This PancakeSwap price action was followed by another decline of Friday, setting a higher low at $19. Since then, CAKE/USD has slowly rallied as bulls have regained their strength once again.

PancakeSwap Price Analysis: Conclusion

PancakeSwap price analysis is bullish for the next 24 hours as further upside was seen overnight after a slight consolidation around $19.5. Therefore, we expect CAKE/USD to continue higher over the next 24 hours and look to reach the $21.5 previous resistance next.

While waiting for PancakeSwap to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

This post was last modified on September 12, 2021 10:44 am

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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