PancakeSwap price analysis: CAKE slowly trends towards $1.50 resistance

TLDR

. PancakeSwap price touched the $1.43 mark
. CAKE could rise up to $1.5 over the coming 24 hours
. Uptrend potential could be invalidated if price falls below $1.3

PancakeSwap price analysis shows a meagre uptrend taking place, as price slowly begins to trend upwards. CAKE price reached up to the $1.43 mark over the past 24 hours, in pursuit of the $1.5 resistance. The highest point this month has been set around $1.73, on June 5, when price declined 9 percent to initiate the current bearish trend. Price over the past 24 hours increased around 1 percent, suggestive of a slow-burning uptrend potentially in place for CAKE. Trading volume for PancakeSwap dropped more than 20 percent over the past 24 hours, showing a lack of market interest in the token. Whereas market cap declined down to $1,063,481,118.

The larger cryptocurrency market recorded minor uptrends similar to PancakeSwap, across the board, as Bitcoin moved up to the $26,000 mark and Ethereum to the $1,700 point. Among leading Altcoins, Ripple increased 3 percent up to $0.49, and Cardano to $0.26. Meanwhile, Dogecoin rose 1 percent, but stayed at $0.06, whereas Polkadot rose up to $15.80 with a minor increment.

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PancakeSwap price analysis: Cryptocurrency heat map. Source: Coin360

PancakeSwap price analysis: CAKE clears moving averages on daily chart

On the 24-hour candlestick chart for PancakeSwap price analysis, price can be seen forming a steady uptrend after a continued trend sideways and downward. Price finally moved above the 9 and 21-day moving averages, as well as the 50-day exponential moving average (EMA) at $1.392. The 24-hour relative strength index (RSI) also picked up to 35, and could accelerate price uptrend as it moves into the 40’s to show increased market potential for CAKE. Meanwhile, the moving average convergence divergence (MACD) also shows a slight bullish divergence as the trend line hovers above the signal line on the daily chart view for PancakeSwap price analysis.

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PancakeSwap price analysis: 24-hour chart. Source: Trading View

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.

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 decision.

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Razi Khan

Written by Razi Khan

A Master's graduate in Renewable Energy Systems from England, UK, Razi is a tech-enthusiast. He's served as a content specialist for BlockPublisher in the US and has been an avid member of the crypto space as a journalist, trader, investor and analyst since 2018.
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