PancakeSwap Technical Analysis: CAKE Spikes by $3.26
Table of contents
CAKE Past Performance
At the outset, CAKE experienced a downward trend from $8.243 to $ 3.687 on 12 May where the bulls and bears were in strict competition of taking control of the market. However, the price rebounded on 19th June as the market opened with a gap.
Source: Trading View
CAKE Technical Analysis
According to Pancakeswap technical analysis, CAKE is currently trading at $3.26 which is a 2.98% price rise. The trading volume is $52,350,117 and the market capitalization is$2,442,640,957. The maximum supply is 750,000,000 while the total supply is 310,405,281 in all exchanges in the last 24 hours.
The current market trend is positive with a slight uptrend starting from $21.000. It appears that the market has found some support at this level and might continue to move upwards in the short term. Despite this recent pullback, CAKE is still up. The Bollinger bands are squeezed which could lead to a breakout soon. The RSI is currently at 45.47 meaning that the market is currently in the neutral zone.
The MACD is currently in a bullish pattern as the MACD bars form short and green bars. The MACD bar is trading slightly above the signal line, indicating that the bulls have the upper hand in the market. Out of the 26 technical indicators, 8 give a buy signal, 10 hold, and 8 sell signal. The oscillators show 2 buys and 9 holds while the moving averages show 6 buys 1 hold and 8 sells.
Upcoming Trend
The market looks like it is forming a bullish trend line, indicating that the market may continue to move up in the short term. The MACD is currently in a bullish pattern, indicating that the bulls have the upper hand in the market. Investors are urged to keep an eye on the market for any further developments.
Conclusion
PancakeSwap has had a good run so far, but it looks like the market may be ready for a pullback. The current market trend is positive, but there is a possibility for a short-term correction. The MACD is currently in a bullish pattern, but the RSI is in the neutral zone, indicating that the market could go either way in the short term.