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PancakeSwap Price Analysis: CAKE spikes from $17 to $20, regains Wednesday losses

TL;DR Breakdown

  • PancakeSwap price analysis is bullish today.
  • CAKE/USD saw a slight retracement today.
  • PancakeSwap is attempting to retest $23 resistance

PancakeSwap’s current price analysis is bullish, as a new higher low was established today above $22, and bulls are presently pushing the market higher. As a result, we anticipate the $23 resistance to break later today, allowing CAKE/USD to create a new high.

Cryptocurrency heat map. Source: Coin360

Over the last 24 hours, the cryptocurrency market has been in good shape. Bitcoin is up 3.5%, while Ethereum is up 6.73%. Dogecoin, on the other hand, has had a spectacular day, increasing by 11% and outperforming all other cryptocurrencies.

PancakeSwap price movement in the last 24 hours: PancakeSwap retraced to set a higher low at $22

The price of TREE/USD changed in a range of $21.88 to $22.72 throughout the day, demonstrating little volatility during the previous 24 hours. Trading volume was roughly $269.9 million, down by 19 percent from yesterday, as the market capitalization is around $5.5 billion and places the coin in 32nd

CAKE/USD 4-hour chart: CAKE looks to break $23

On the four-hour chart, we can see that bulls have gained momentum over the previous hours as the PancakeSwap attempts to break past $23 resistance.CAKE/USD 4-hour chart. Source: TradingView

The Pancakeswap’s price volatility has been high in recent weeks. On September 7th, CAKE/USD dropped dramatically, falling almost 30%, with a new swing low established around $18.5.

Then came a consolidation period of several days, with the $18.5 support reversed twice. CAKE finally broke through to new heights on September 13th, establishing a peak at $23.

After CAKE/USD declined for the first time below $22, it was retested yesterday near the $21 previous resistance. Over the next week, with this PancakeSwap price action development in mind, more upside is expected. The next key barrier stands at $26, which should be surpassed over the following week.

PancakeSwap Price Analysis: Conclusion

The price of PancakeSwap is on the rise today, as a new higher low was established around $22, and bulls are regaining their footing. As a result, we anticipate CAKE/USD to break past the $23 barrier next week and continue to climb.

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. 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 23, 2021 9:47 am

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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