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PancakeSwap price analysis: CAKE arises at $10. Correction ahead?

PancakeSwap price analysis CAKE arises at Correction ahead

TL;DR Breakdown

  • PancakeSwap price analysis is bullish.
  • The price has increased up to $10.
  • Support is present for CAKE at $9.32.

The Pancakeswap price analysis is bullish today as an increase in price has been observed today. The coin has been in bullish mode since 16th March as the price levels have been continuously rising, and the price trend line has been forming steeply upwards. The bullish momentum is steady with some necessary corrections along the way, which are essential for the further price increase.

The last retracement was noted on 2nd April, and the bulls are again in the driving seat from yesterday. A high spike in price towards $10.46 was also observed a few moments ago, but the price has retraced back to $10. As the price is covering the range upwards, it seems like a small correction may be on its way as the King cryptocurrency Bitcoin is also correcting today, so the trend may affect the price action of CAKE/USD as well.

CAKE/USD 1-day price chart: Bulls continue trending

The 1-day Pancakeswap price analysis shows bullish empowerment, as the price has increased further after yesterday’s bulls rally. Despite the fact that most altcoins are in correction mode today, the CAKE/USD is continuing upside, but the correction trend may seep into CAKE’s price action as well as the price, after swinging wildly high, has stepped down to $10 at the time of writing which is validating the above-mentioned scenario.

The CAKE is reporting an 8.68 percent increase in value over the last 24 hours, which hints at the strong bullish momentum, while the gains for the past week amount to 19.26 percent. At the same time, the trading volume has increased by 78.75 percent overnight.

PancakeSwap price analysis: CAKE arises at $10. Correction ahead? 1
CAKE/USD 1-day price chart. Source: TradingView
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The volatility is high as the Bollinger bands are expanded on a larger area. The upper value of the Bollinger Bands Indicator is settling at $10.2, representing resistance, whereas the lower value is present at $5.18 representing support for CAKE’s price. The Relative Strength Index (RSI) has entered the overbought area as it has been rising in the overbought region sim=nce yesterday and is present at index 76 right now. The RSI has been present in the overbought zone from 28th March.

PancakeSwap price analysis: Recent developments and further technical indications

The 4-hour Pancakeswap price analysis shows the price breakout was downwards at the start of the trading session, but the correction was minor, but the bulls have taken the lead back. The price trend has been upwards for the last eight hours but may start to correct as the price has been seen dropping after flashing high just recently, which has triggered the selling pressure.

PancakeSwap price analysis: CAKE arises at $10. Correction ahead? 2
CAKE/USD 4-hours price chart. Source: TradingView

The volatility is also high on the 4-hour chart as well. The upper limit of the Bollinger Bands Indicator is now present at $9.99, and the price has shooted past the upper limit already, whereas its lower limit is present at $8.6, representing the strongest support. The RSI is still trading in the overbought zone at index 73, but the curve of the indicator is almost horizontal, which hints at the pressure from the bearish side.

PancakeSwap price analysis conclusion

The Pancakeswap price analysis is on the bullish side, as the price has increased further today and is still trading in greens. The retracement of price after swinging high is hinting at the building up of selling pressure, which may soon start to show its effect on the price action, and the coin may start correcting in the coming hours. In this case, the support for CAKE is present at $9.32.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com 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.
Aamir Sheikh

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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