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PancakeSwap price analysis: Bulls incapable of crossing $24 resistance as bears take over

TL;DR Breakdown

  • The latest PancakeSwap price analysis reveals price movement has been bearish.
  • Price levels have dropped today till $22.4.
  • Support standing firm at $18.1.

The PancakeSwap price analysis is going bearish for the day, as the price has receded back to its former level i.e. $22.4. The bulls have been continuously victorious through out the past week, and the PancakeSwap price underwent major improvement as well.

This trend has been reversed today as the bears are once again in the winning state. The momentum is building up at a slow pace, as the bears are recovering after a long interval.

CAKE/USD 1-day price chart: Bears eradicate further chances of elevation for CAKE

The one day price chart for PancakeSwap price analysis is following a bearish momentum as the bears are trying to be at lead again. Their efforts have been fruitful so far, as the price has downgraded today and has moved down to level of $22.4.

The bears have been at the front position during the previous week, which is why the moving average (MA) is quite lower i.e. $20.55 as compared to the price. The volatility is decreasing, and as per the analysis it is a positive hint for the future.

CAKE/USD 1-day price chart. Source: TradingView

As the volatility is decreasing, the Bollinger band values have adjusted themselves to meet the following levels; the upper band is at $26.4 level and the lower band is at $18.32 level. The Relative Strength Index (RSI) score is also going down towards a neutral level and it is 52.8 at the time of writing.

PancakeSwap price analysis: Bears retaliate leaving buyers clueless as to their loss

The 4 hours PancakeSwap price analysis is indicating that a shift in the trends have occurred during the day. The bullish win have been converted into loss, as the bears have downgraded price considerably today.

The price levels have been falling, and today the price has reached the $22.4 level. The momentum has not been strong enough to take the price below its moving average (MA) value which is sitting at $22.23.

CAKE/USD 4-hours price chart. Source: TradingView

As the volatility is increasing, the upper Bollinger band has reached the $23.6 mark whereas its lower band has reached $18.1 mark. The RSI score is moving down again, but it is still significantly close to the over bought value as it is 62.6 currently.

CAKE/USD technical indicators chart. Source: TradingView

The bulls has been ruling the price chart since the past week, which is why the technical indicators chart is showing an uptrend. There are 13 indicators at the buying position, which leaves ten indicators at the neutral level and only three at the selling one.

The Moving Averages Indicator is also giving similar signals, as it is favoring the buyers as well. This is why there are 13 indicators sitting at the buying position, whilst one indicator each rests at the selling and neutral positions. The Oscillators, on the other hand, are going bearish because of the most recent downtrend. Nine oscillators are found at the neutral level, two at the selling level while none is present at the buying level.

PancakeSwap price analysis

Through the one day and four hours PancakeSwap price analysis, it can be predicted that the circumstances are turning favorable for the bears. The price has moved down to the $22.4 level, which proves that the bulls have failed in keeping it secure.

The bearish momentum is intensifying every hour, and the cryptocurrency should prepare itself for the upcoming loss. As the support is at $18.1, bulls can try for recovery in future as well, as the daily RSI still shows some space for buyers.

Disclaimer. The information provided is not trading advice. 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 17, 2021 7:07 am

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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