- 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.
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.
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