Pancakeswap Price Prediction: Can CAKE Price Make it to $10 in 2023?

Key Takeaways

• The CAKE price has been trading within a bearish trend ever since it lost the crucial support at $3.485 and is maintaining a descending trend to date
• The selling pressure has begun to accumulate and may further keep up the bearish trend and find new bottoms very soon

PancakeSwap Overview as of 13 June 2023

CAKE Price Forecast for this Week

The Pancakeswap price has maintained an extremely bearish trend throughout the past week, while the fresh descending trend has squashed the bullish prospects for a while. The bears, presently appear to be well-in position, and hence the bulls have maintained some distance. Besides, the volume has surged notably which had not been seen for over a year now. Hence, a decent rebound may be expected soon. 

The CAKE price in the short term has been maintaining a consolidated trend after falling from the interim resistance of $1.56, a couple of days before. The bulls are trying to gain some strength, the buying pressure has not reached the required levels. The price may maintain an ascending consolidation until the end week. Therefore, the Pancakwswap price prediction for the week is somewhat consolidated as the volume and volatility remain depleted.

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PancakeSwap Price Prediction for June 2023

After holding the crucial support at $3.5 the volume intensified but in bearish favor that dragged the price close to $2.6. The volume remained elevated throughout May that kept on slashing the price to date. The price is trading at its lowest levels that it had not seen since the beginning of its trade. Therefore, after experiencing an extended squeeze and bearish pressure, the price could be primed for a rebound. 

The CAKE price may remain consolidated until the current weekend and further may trigger a fine upswing. The technicals are slowly turning bullish which may begin a fresh bullish wave very soon. The price is believed to trade close to $1.5 in the next few days which may further trigger a notable upswing close to $2. By the end of the month, the Pancakeswap price could trade slightly above $2.1. 

PancakeSwap Price Prediction 2023-2024

The CAKE price has traded under the bearish influence throughout H1 2023 and hence the bearish influence is believed to fade slowly. The price may soon begin to trade sideways and form constant higher highs and lows, indicating the growing strength of the bullish. With the beginning of the fourth quarter, the CAKE price may intensify its upswing and reach levels close to $5. 

The price may maintain a notable upswing after closing the 2023 trade on a bullish note. The price is believed to maintain a healthy upswing throughout the first quarter and reach close to $10. The bears may further drag the price lower for a while, but with the beginning of the second quarter, the trend could flip completely. By the end of the year 2024, the CAKE price could swing high and reach levels beyond $20 to $25.

CAKE Price Prediction 2023-2050

PancakeSwap Technical Analysis

Source: Tradingview

• The CAKE price has been trading within a falling wedge which carries the possibility of a bullish breakout 
• The price is trading close to lower support of the falling wedge and as the RSI has made a bullish divergence, the price may flip and rise toward interim resistance
• With a bullish rebound, the price is believed to regain $1.784 initially which may make its way out beyond $2
• However, until the price secures its levels above $2.5, the bearish influence may continue, keeping the price levels consolidated below $2

Will PAncakswap Price Rise in 2023?

Ever since the bear market began in the last couple of months in 2021, the Pancakeswap price has maintained a descending trend. The price has dropped to the lowest-ever levels and hence appears to be primed to trigger a rebound in the coming days. Therefore, the bulls after accumulating enough strength are believed to take over the rally and rise in 2023. 

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