August 9, 2022

CAKE Price Analysis: Do Or Die For Pancakeswap (CAKE) As It Fails To Flip $12.2 Resistance

2 min read

CAKE token

The technical chart indicates the CAKE token is still under a short-term sag. Last week the price attempted a bullish reversal when it breached the$12.6 resistance. Nevertheless, the intense selling turned down the rate instantly, leading to a beartrap. Thus, the token would plunge to the $10 mark, where the purchasers and sellers will decide the CAKE token’s fate.

Secret technical points:

  • The CAKE token cost obtains strong resistance from the 20-day EMA
  • The intraday trading volume in the CAKE token is $172.8 Million, showing a 3.82% loss.

TradingView Chart< img src=”https://s3.tradingview.com/snapshots/e/EkhB0ca6.png”alt=”TradingView Chart”/> Source- Tradingview The last time when we covered a post on CAKE/USD, the token price plunged to the vital support level of $10. The token spends practically two weeks near this assistance attempting to identify sufficient demand pressure.

On 14th December, the token bounced from this bottom support, with a bullish engulfing followed by a breakout candle light from the $12.6 resistance. Nevertheless, the set couldn’t sustain above this level, which resulted in a fakeout.

The CAKE token maintains a bearish alignment among the crucial EMAs(20, 50, 100, and 200). Additionally, the 20 EMA line functions as a strong resistance level for the price.

The daily Relative Strength Index (42.9) shows an obvious bullish divergence in its chart, suggesting the bulls are attempting to take over the wheels again.

CAKE/USD 4-hour time frame chart

TradingView Chart< img src="https://s3.tradingview.com/snapshots/f/FVAO4DhB.png"alt="TradingView Chart"/ >

Source-Tradingview The CAKE token cost still hasn’t offered a day-to-day candle light closing listed below the $12.6 mark. If the rate sustains this breakdown, the cost will retest the $10.6 once again. Anyways, the bullish divergence in RSI can not be disregarded, and therefore the crypto traders need to wait and observe the price action at this level for a possible bullish reversal.

The conventional pivot suggests the closest resistance level for CAKE price is $12.3 and $13.7 to play an important function. Whereas the support levels are at the $11 and $9.5 mark.

The post CAKE Price Analysis: Do Or Die For Pancakeswap (CAKE) As It Fails To Flip $12.2 Resistance appeared first on CoinGape.