- The CAKE price closed the previous day trade at $7.18 with a market capitalization of $1.89 billion and a circulating supply of 270,338,647.54 CAKE
- The asset is undergoing a deep uptrend and each attempt at a rebound is going in vain indicating the continuation of the descending trend
- The bearish trend may drag the price much below the expected levels yet the current strife between the buyers and sellers is creating uncertainty
PancakeSwap(CAKE)/USDT Technical Analysis at a Glance
The Pancakeswap price since the beginning of the month had maintained a notable uptrend and with a slight change in the trend, entered a consolidation phase. Yet as a strong breakout time approached, the asset quickly plunged and is maintaining a similar trend. No doubt the CAKE price is currently attempting to rebound, yet the bears are testing the trend now and then.
|Short-Term||The CAKE coin price is maintaining a notable uptrend after bouncing from the lower support which may be continued until the asset hits the immediate resistance at $7.3|
|Mid-Term||After plunging heavily, the CAKE price has just flipped the bearish trend and may continue to soar high, accumulating huge buying volume|
|Long-Term||The price maintained a notable consolidation by accumulating notable buying volume since the beginning of February and currently showcase some signs of exhaustion that may drag the price a little lower|
PancakeSwap(CAKE) Technical Indicators & Pivot Levels
|Technical Indicators||Value(1Hr / 1D)||Action (1Hr / 1D)|
|Relative Strength Index(RSI)||57.05 / 37.83||Buy / Sell|
|MACD(12,26)||0.017 / -0.459||Buy / Sell|
|Average Directional Index(ADX)||46.067 / 36.29||Buy / Sell|
|Bull-Bear Power||0.1340 / -0.859||Buy / Sell|
The CAKE coin price in the short term is extremely bullish as almost all the indicators are pointing towards a buy signal. The RSI is currently around the middle ranges and ranges high with huge intensity while in the higher time frame the indicators are plunging hard. Also, the MACD is bullish in STF as a notable amount of buying volume has accumulated. But in the higher time frame, the exhaustion of buyers is seen as the selling volume is mounting slowly.
On the other hand, the ADX which determines the strength of the rally is rising slowly high indicating the growing strength in the rally while in the long term, the ADX is plunging denoting the weakness of the rally and hence a considerable amount of plunge may be fast approaching. And at last, the bull-bear power is bullish in STF and Bearish in HTF.
The current price of CAKE coin is around $7.15 which is just above the 50-day MA levels in the short term and attempting to range high to hit the 200-day MA levels. Once these levels are cleared, then the CAKE price may test the short term resistance. These levels are pretty important to test as a notable uptrend may be certified above these levels which may rally high and test the long-term 50-day MA levels. However, considering the current trend, a significant uptrend may not be set in place as the possibilities to discover new lows beyond the support levels surface.
|Stochastic Oscillator||54.38 / 33.6||Neutral / Sell|
|Ultimate Oscillator||57.62 / 36.47||Buy / Sell|
|Average True Range(ATR)||0.0736 / 0.44||Less Volatility / Less Volatility|
|CCI||87.84 / -149.9||Buy / Sell|
The Stochastic Oscillator determines an average price in a predetermined time frame which is pretty neutral currently but bearish in the long -term. On the other hand, Ultimate Oscillator, considers 3 different MA levels, 7, 14 and 28 and lets out the overbought and oversold levels. It’s bullish currently as the levels are rising towards the north while it’s bearish in the long term signifying a descending trend.
The volatility indicator, ATR, is pointing out the asset to be less volatile in both the time frames. And hence no drastic change may be expected shortly. Also, the CCI which is a trend indicator suggesting the trend reversals or the beginning of new trend is bullish currently while bearish in the long time frame.
Additional Read: Pancake Swap vs Uniswap
CAKE/USDT Technical-Analysis for Short-Term
- The CAKE coin price since it fell from a notable high by more than 35% plunged hard below $9 and maintains the levels below
- The recent sell-off dragged the price to lower levels than the support zones, an acute bearish trend is witnessed
- Currently, after hitting the lower support levels, the asset which is around 0.5 FIB levels, the asset has rebounded and attained the 0.618 FIB levels.
- If in case the asset plunges below 0.5 FIB levels the trend may get reversed as the price is consolidating along with the o.618 FIB levels, it may plunge to hit the 0.23 FIB levels at $5.5
- Here one can expect a quick short rebound which may escort the price close to 0.78 FIB levels
- Yet a huge downtrend may further slash the price from $8 to as low as 0 FIB levels at around $4.53 levels
Additional Read: Top Crypto News Today, 23 Feb, 2022
CAKE/USDT Technical-Analysis for Long-Term
- The long-term chart points out towards extreme bearish trend as the asset appears to have repeated the same pattern again and again
- Ever since the asset has marked its highs at the end of August, the price is swinging within a serious descending trend extracting more than 85% of the value
- However, after maintaining a healthy consolidation ignited with a notable downtrend dragging the price by nearly 45% each time
- After repeating the trend a couple of times, the CAKE coin price may attempt to mirror the previous trend yet again and ignite another hefty plunge that may discover new lows much below $5.
PancakeSwap Technical-Analysis for Today: 22 February 2022
After undergoing a U-shape recovery a couple of days back, the asset fell into a deep bearish trap on 21 February. The price fell more than 13% to mark the lower lows and quickly ignited a rebound recovering nearly 7% of the losses. The bear yet again attempted to slash the price but failed miserably as the buyer uplifted the price towards its initial positions.
However, the technicals and the market sentiments both are not extremely bullish and hence no doubt the price may take a move towards the north but eventually end up discovering new lows. The CAKE price at the press time is $7.17 with a jump of 3.25% compared to the previous day’s close. The trading volume has dropped massively by more than 28% and the market capitalization has risen by 3.39%, ranging very close to $2 billion.
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