- PancakeSwap price analysis is bullish for today.
- CAKE/USD saw another decline to $18.5 support today.
- CAKE is likely to reverse today.
PancakeSwap price analysis is bullish today as the previous support at $18.5 still holds after another strong drop over the last 24 hours. Therefore, we expect CAKE/USD to reverse higher later today and look to test previous highs next.
The cryptocurrency market traded in the red over the last 24 hours. The market leaders, Bitcoin and Ethereum, are down by 4.13 and 7.12 percent, respectively. Meanwhile, Avalanche (AVAX) is the worst performer from the majors, with a loss of almost 16 percent.
PancakeSwap price movement in the last 24 hours: PancakeSwap drops to $18.5 support again
CAKE/USD traded in a range of $18.66 – $20.68, indicating substantial volatility over the last 24 hours. Trading volume has increased by 33.25 percent and totals $346.2 billion, while the total market cap trades around $4.36 billion, ranking the coin in 36th place overall.
CAKE/USD 4-hour chart: CAKE to reverse again?
On the 4-hour chart, we can see PancakeSwap price action testing the $18.5 support again, which should lead to a reversal later today.
PancakeSwap price action has seen strong volatility over the last week. After peaking at $26.5 during the last days of August, a drop to $21.5 support followed until the first of September.
From the support, CAKE/USD attempted to rally higher again. The market price peaked around the $25 mark, resulting in a sharp decline on the 7th of September. CAKE lost more than 25 percent until support was found at $18.5.
Since then, CAKE has set lower high twice, which retesting the $18.5 mark for the third time today, indicating an increasingly tighter consolidation range forming. Considering this price action development, we expect SUSHI/USD to reverse higher again and look to break higher over the next 24 hours.
PancakeSwap Price Analysis: Conclusion
PancakeSwap price analysis is bullish today as the market price has returned to the $18.5 support, where further downside was prevented over the weekend. Therefore, we expect CAKE/USD to reverse once more and look to break back towards the previous local highs.
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