Published 2 hours ago
The last four months’ price action on the Pancakeswap coin displays a V-shaped recovery in the daily time frame chart. This type of recovery reflects rapid and strong growth in bullish momentum after a period of decline. This bull run, backed by increased volume, indicates a sustained recovery rally. However, the increasing selling pressure at $4.62 threatens CAKE price with a temporary pullback.
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Key Points:
- A bullish morning star candle pattern forming above $4.05 support. Indicate price suitability at higher levels.
- A potential crossover between the 50-and-100-day EMA would encourage coin buyers to resume a bullish recovery.
- Intraday trading volume in the Litecoin coin is $53.9 Million, indicating a 29.5% loss.
Source- Tradingview
The pancakeswap coin price has shown a direction rally since the beginning of 2023. During the bull run, this altcoin surged 42% from the January 1st low of $3.15 and reached its current price of $4.47.
However, over the past four days, the daily chart showed several higher price rejection candles at local resistance of $4.62, indicating the sellers are aggressively defending this barrier. Thus, if the selling pressure persists, the coin price is poised for a minor consolidation or pullback.
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The potential correction could prolong a sideways trend above the $4.3 mark or plunge it to $4.05 support.
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However, as the overall trend remains bullish, the pancakeswap coin can use this correction to recuperate bullish momentum and offer a pullback opportunity. Thus, in the coming week, the coin price showing sustainability above $4.05 is important for coin holders.
Anyhow, a bullish breakout from $4.62 will hint at the resumption of the bullish trend.
Technical Indicator
Relative Strength Index: the daily RSI slope moving high in bullish territory accentuates the buyer’s hold trend control
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EMAs: the 200-day EMA wavering near the $4.35 level could offer strong support to CAKE price
Pancakeswap Coin Price Intraday Levels
- Spot rate: $4.534
- Trend: Bullish
- Volatility: High
- Resistance levels- $4.66 and $5.1
- Support levels- $4.36 and $3.55
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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- Source: https://coingape.com/markets/is-pancakeswap-coin-price-ready-to-hit-5/
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