- PancakeSwap price analysis is bullish today.
- CAKE/USD saw a slight retracement today.
- PancakeSwap is attempting to retest the $23 resistance.
PancakeSwap 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%. On the other hand, Dogecoin has had a spectacular day, increasing by 11% and outperforming all other cryptocurrencies.
PancakeSwap price movement in the last 24 hours
CAKE/USD is up 4.4% over the last 24 hours and is presently selling for $18.
PancakeSwap’s price movement today can be attributed to a couple of factors: solid technical indicators and upcoming news. Let’s start with support levels: we know that $23 is a firm price point, as it has been tested and retested multiple times. Price action began to move upwards upon the test of $23 resistance, which was verified at 4:30 UTC on August 21st. This indicates that prices will likely move higher than this level – the only question is how high.
Technical indicators are also bullish for CAKE/USD, with both the Moving Average Envelope and Bollinger Bands trending upwards. Additionally, the RSI is at 61, which means that prices are neither overbought nor oversold.
CAKE/USD 4-hour chart: CAKE looks to break $34
The four-hour chart shows that bulls have gained momentum throughout the previous hours as the PancakeSwap attempts to break through $34 resistance. CAKE/USD 4-hour chart; CAKE spikes from $17 to $20 before regaining lost ground on Wednesday.
The price of CAKE/USD has been highly volatile in recent weeks. On September 7, the price of CAKE/USD fell roughly 30%, and it established a new swing low of around $18.5.
On September 7, a minor consolidation period followed, with the $18.5 support broken twice. On September 13, CAKE finally rose to new heights, reaching a high of $23.
For the previous three weeks, CAKE/USD’s price has stayed within a narrow range of around $22 and $25. It was put to the test again yesterday near the $21 support level where it had previously broken through. With this PancakeSwap price action in mind, there is greater potential for growth next week. The following significant barrier is $28.
PancakeSwap Price Analysis: Conclusion
PancakeSwap’s price is rising today, following a new higher low set around $22, as bulls regain their footing. In the future, CAKE/USD will most likely break through the $23 barrier next week and climb significantly. Cryptocurrency markets are likely to rise in the future, and this week will be no exception.
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