- The PancakeSwap price analysis show, bulls are on their way towards recovery.
- Price has joined the $20 position today.
- Support is placed at $18.55 for now.
The PancakeSwap price analysis is showing signs of recovery after a prolonged battle. The past few weeks have been extremely deterrent for the coin value as the bearish momentum has been at its heights.
however, the trend has changed today as the bulls are trying to make way for taking the price above $20. The price is to follow bullish momentum for the upcoming days as well given the number of buyers interested increases.
CAKE/USD 1-day price chart: Bears sidestep as bulls override the bearish growth
The one-day price chart for PancakeSwap price analysis is showing us that the trends are changing their direction since the bulls are trying to make way for recovery. The price has now reached the $19.95 level, after enduring a massive loss.
The moving average (MA) is at a better standing i.e. $21, as the past week has seen certain bullish retraces as well. Also, the decreasing volatility is indicating that the future holds better opportunities for the buyers.
The Bollinger bands have reached the following positions; the upper band is present at the $25.13 level whereas the lower band is now present at the $18.00 level. The Relative Strength Index (RSI) score has improved as well as it now at a relatively average state i.e. $45.
PancakeSwap price analysis: Price to pursue new highs after prolong regression
The four hours PancakeSwap price analysis is going in the bullish direction for today as the price has undergone improvement significantly. The past few days have been overwhelming for the cryptocurrency as the bears constricted the price under the $19 level.
But now the opportunities are surfacing for the bulls as the price has hit the $19.94 mark today. Moreover, the moving average for the 4-hours price chart is found to be at $19.92, slightly lower than the price value.
The average value of the Bollinger bands is now following the $21.4 position, while their upper value is standing at $24.2 and the lower value at $18.55. The RSI score has increased as well due to the recent upswing and is now at 40.
The technical indicators chart is giving a selling signal because the past week proved highly unfavorable for the cryptocurrency. This is why there are a total of 11 indicators fixed at the selling position, with 10 at the neutral and only five indicators at the buying positions.
The moving averages indicator is giving the same directions as there are positive hints for the sellers to proceed with their plans. There are 10 indicators at the selling level, four at the buying level, and one at the neutral level.
The Oscillators are going neutral because there has been a change in the trend today after a long bearish wave. There are nine oscillators at the neutral level, while the remaining two oscillators are at the selling and buying positions each.
PancakeSwap price analysis conclusion
The PancakeSwap price analysis concludes that bulls have made a comeback today after a long bearish trend followed during the past week. The price has improved significantly and is now present at the $20 level. In this way, the bulls have helped in retaining the support level below $18, just when the bears tried to take the price beyond it. The downtrend has finally been interrupted and the buyers are in a better position now.
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