- PancakeSwap price analysis is bullish today.
- CAKE/USD saw a slight retracement today.
- PancakeSwap is moving for another test of the $23 resistance.
PancakeSwap price analysis is bullish for today as a new higher low was set today above $22 and bulls currently push the market higher. Therefore, we expect the $23 resistance to break later today and CAKE/USD to set a new higher high.
The overall market traded in the red over the last 24 hours. The market leader, Bitcoin is down by 1.46 percent, while Ethereum is down by 3.33 percent. Meanwhile, Polkadot (DOT) is among the worst performers today, with a loss of 5.38 percent.
PancakeSwap price movement in the last 24 hours: PancakeSwap retraced to set a higher low at $22
CAKE/USD traded in a range of $21.88 – $22.72, indicating mild volatility over the last 24 hours. Trading volume totals $269.9, down by 19.1 percent from yesterday, while the total market cap trades around $5.5 billion, ranking the coin in 32nd place overall.
CAKE/USD 4-hour chart: CAKE looks to break $23
On the 4-hour chart, we can see bulls gaining momentum over the past hours as the PancakeSwap looks to break past the $23 resistance.
The Pancakeswap price action has seen strong volatility over the past weeks. On the 7th of September, CAKE/USD saw a quick drop of almost 30 percent, with a new swing low established around $18.5.
What followed was a consolidation sideways for several days, with the $18.5 support retested twice. On the 13th of September, CAKE finally broke higher and set a higher high at $23.
This swing high was retested again yesterday after CAKE/USD retraced to retest the $21 previous resistance as support. Overall, this PancakeSwap price action development should lead towards more upside over the next week, with the next significant resistance at $26 likely to be reached.
PancakeSwap Price Analysis: Conclusion
PancakeSwap price analysis is bullish today as a new higher low was set around $22, and bulls have started gaining momentum again. Therefore, we expect CAKE/USD to break the $23 resistance and move towards further highs next week.
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