PancakeSwap price analysis: We expect CAKE/USD to break the $34 resistance

TL;DR Breakdown

• PancakeSwap price analysis is bullish today.
• CAKE/USD saw a slight retracement today.
• PancakeSwap is attempting to retest the $23 resistance.

PancakeSwap 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.

Cryptocurrency heat map. Source: Coin360

Over the last 24 hours, the cryptocurrency market has been in good shape. Bitcoin is up 3.5%, while Ethereum is up 6.73%. On the other hand, Dogecoin has had a spectacular day, increasing by 11% and outperforming all other cryptocurrencies.

PancakeSwap price movement in the last 24 hours

CAKE/USD is up 4.4% over the last 24 hours and is presently selling for $18.

PancakeSwap’s price movement today can be attributed to a couple of factors: solid technical indicators and upcoming news. Let’s start with support levels: we know that $23 is a firm price point, as it has been tested and retested multiple times. Price action began to move upwards upon the test of $23 resistance, which was verified at 4:30 UTC on August 21st. This indicates that prices will likely move higher than this level – the only question is how high.

Technical indicators are also bullish for CAKE/USD, with both the Moving Average Envelope and Bollinger Bands trending upwards. Additionally, the RSI is at 61, which means that prices are neither overbought nor oversold.

CAKE/USD 4-hour chart: CAKE looks to break $34

The four-hour chart shows that bulls have gained momentum throughout the previous hours as the PancakeSwap attempts to break through $34 resistance. CAKE/USD 4-hour chart; CAKE spikes from $17 to $20 before regaining lost ground on Wednesday.

Source: TradingView

The price of CAKE/USD has been highly volatile in recent weeks. On September 7, the price of CAKE/USD fell roughly 30%, and it established a new swing low of around $18.5.

On September 7, a minor consolidation period followed, with the $18.5 support broken twice. On September 13, CAKE finally rose to new heights, reaching a high of $23.

For the previous three weeks, CAKE/USD’s price has stayed within a narrow range of around $22 and $25. It was put to the test again yesterday near the $21 support level where it had previously broken through. With this PancakeSwap price action in mind, there is greater potential for growth next week. The following significant barrier is $28.

PancakeSwap Price Analysis: Conclusion 

PancakeSwap’s price is rising today, following a new higher low set around $22, as bulls regain their footing. In the future, CAKE/USD will most likely break through the $23 barrier next week and climb significantly. Cryptocurrency markets are likely to rise in the future, and this week will be no exception.

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

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