• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: How Uniswap Was Deployed On The Binance Smart Chain
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: How Uniswap Was Deployed On The Binance Smart Chain
PancakeSwap

PancakeSwap (CAKE) Slides Below Range, Is This An Entry Point For Buyers?

anushsamal by anushsamal
3 months ago
in Cryptocurrency news
Reading Time: 2 mins read
Advertisement

PancakeSwap (CAKE) has been trading against the broad market, especially when major market movers have rallied. The coin has lost 0.8% over the last 24 hours and still depicts no decisive price action on the chart. Despite the CPI data release, the coin has remained unaffected by that development. CAKE traders are still wary of the asset’s next price movement.

The technical outlook for the coin has painted a bearish picture on the chart. Although that seems to be the case, there could be a scenario in which CAKE makes a comeback. After rangebound trading for weeks, the coin has finally broken below its lower band, indicating a chance of a price appreciation. This could prove beneficial for traders who are planning to log gains from the crypto.

Risk-averse traders, however, should be careful about investing as the coin still continues to signify a further potential loss over the immediate trading sessions. The asset is still hovering around pockets of high liquidity, which could prove to be a negative point for traders. For CAKE to register further gains, the coin has to breach some vital trading levels.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!
Related Reading: Dogecoin (DOGE) Climbs 2.58% In 24 Hours, Can It Reach $0.1 Before The Week Runs Out?

PancakeSwap Price Analysis: One-Day Chart

PanCakeSwap
PancakeSawp was priced at $3.84 on the one-day chart | Source: CAKEUSD on TradingView

At press time, CAKE was exchanging hands for $3.80. The coin just fell below the lower band of the restricted price zone. CAKE was sandwiched between the $4.20 and $3.90 price bands, which represented increased selling. The coin’s immediate price ceiling was $4.08; a move above that could cause the coin to revisit $4.30.

Breaching the $4.30 mark will clear the path for the altcoin to reach $4.90. Over the immediate trading sessions, however, the coin is expected to fall to $3.40 before it bounces back. The aforementioned level could act as an entry point for buyers. The amount of CAKE traded in the last session remained red, signifying bearish strength.

CAKE Technical Analysis

PancakeSwap
PancakeSwap displayed a fall in buying strength on the one-day chart | Source: CAKEUSD on TradingView

The coin has remained under the power of sellers for most of this month. The recent drop in price has pushed CAKE further into the selling zone. The Relative Strength Index was below 40, indicating a strong selling force.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Further selling pressure could cause CAKE to fall below $3.40 and then to $4.30, resulting in a 26% rally. CAKE fell below the 20-Simple Moving Average line due to low buyer demand, indicating that sellers were driving the price momentum at press time.

PancakeSwap
CAKE displayed a chance of an uptrend on the one-day chart | Source: CAKEUSD on TradingView

Corroborating that CAKE might start to register gains, the Parabolic SAR sided with the same observation. Parabolic SAR determines the price direction, and the dotted lines below the candlesticks reflect incoming bullishness for the coin.

On the contrary, though, the Awesome Oscillator that exhibits price momentum turned red, marking a sell signal for the coin. The signal was, however, declining in strength.

Related Reading: Shiba Inu Continues Decline, Sinks To 15th In Market Cap List
Tags: CAKEUSDCAKEUSDTcryptoPancakeSwap
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
anushsamal

anushsamal

Related Posts

Bitcoin

Bitcoin Coinbase Premium Declines, But Still At Green Values, Bullish Signal?

45 mins ago
Love Power Marketplace: a fundamentally new approach to NFT trading

Love Power Marketplace: a fundamentally new approach to NFT trading

46 mins ago
Bitcoin price macro impact

Bitcoin Price Set To Rally As Macro Backdrop Is Perfect, Here’s Why

3 hours ago
Multi Wallet Launches Unique Cryptocurrency Wallet with MSB License and Fiat Integration

Multi Wallet Launches Unique Cryptocurrency Wallet with MSB License and Fiat Integration

3 hours ago
FedNow Fed Ripple

US Fed To Launch FedNow In July, Countering Ripple?

4 hours ago
How The USDC Depeg Will Impact DeFi, Expert Explains

How The USDC Depeg Will Impact DeFi, Expert Explains

15 hours ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
Coinplay

Coinplay

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

5 Best New Cryptocurrencies March 2023

March 16, 2023

The Sandbox (SAND) Announces New Partnership, Orbeon Protocol (ORBN) Presale Price Surges And HEX (HEX) Shows Green

March 16, 2023

Cryptocurrencies Price Prediction: Solana (SOL), Aptos (APT) & TMS Network (TMSN)

March 16, 2023

Crypto Price Prediction: Shiba Inu (SHIB) And Aptos (APT) Investors Moving Funds to TMS Network (TMSN) As They See It As More Profitable

March 16, 2023

Metropoly Pushing Boundaries of Real Estate Investment Beyond Propy and LA Token

March 16, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.