PancakeSwap (CAKE) Price Prediction – May 20
A few days back, while a significant declination took effect in most crypto economies, the CAKE/USD market was not spared. The crypto’s price now holds closely below $5 at a closure range point. A negative percentage rate of 3.82 has been by price to trade around $4 value points.
PancakeSwap (CAKE) Price Statistics:
CAKE price now – $4.38
CAKE market cap – $1.3 billion
CAKE circulating supply – 296.1 million
CAKE total supply – 296.1 million
Coinmarketcap ranking – #44
CAKE/USD Market
Key Levels:
Resistance levels: $6, $8.50, $11
Support levels: $3, $2, $1
CAKE/USD – Daily Chart
The daily chart showcases the PancakeSwap trade activity holds closely below $5 against the valuation of the US fiat coin. The 50-day SMA trading indicator is above the 14-day SMA trading indicator. The lower bearish channel trend line is a bit far southward beneath the SMAs, owing to an intense downward force that has led the occurrence of bearish candlesticks to surface at a deep-lower trading area. The Stochastic Oscillators have swerved somewhat slantingly northbound from the oversold region to position around the 55 range. It shows the base trading crypto instrument isn’t leveraging on the principle of gravity to swing from a lower-trading spot against the US currency for now.
Will the CAKE/USD trade fall significantly more below $5 soon?
The CAKE/USD trade falling significantly below the $5 depends on the buyers’ reactions around that trading capacity. If they do not make a come-back at this point, the price will likely go southward further to the advantage of elongating bears’ positions in the crypto business operations. However, long-position takers may ideally be technical in their trading approaches to be on alert to get a buying entry order in the wake of any possible attempt to feature a rebound afterward.
On the downside of the technical analysis, currently, there is a lees-active in price movement, suggesting that the market is experiencing a pit stop under a depression setting. The subsequent falling motions at the moment are to feature in a lighter mode of sequences to find support. It would be technically inclined to wait for a rejection between the spaces of the SMAs to decide whether a bearish move will be coming clearer once again.
CAKE/BTC Price Analysis
In comparison, it is apparent that the trending ability of Bitcoin outpaced PancakeSwap’s pushing weight as variant candlesticks feature underneath the sell signal sides of the SMAs. A descending triangular pattern is on the price analysis chart. The 14-day SMA trend line is beneath the 50-day SMA trend line. And they are around the upper bearish trend line. The Stochastic Oscillators are relatively bending southbound between the part of the oversold region and variant range lines covering up to around 40. Depressing smaller-force may exert on the base crypto by its counter in the following sessions.
Looking to buy or trade PancakeSwap (CAKE) now? Invest at eToro!
68% of retail investor accounts lose money when trading CFDs with this provider.
Read more:
