PancakeSwap market is dominated by bears
CAKEUSD Price Analysis – August 26
Should the bears increase their momentum and penetrate the support level at $3.70, the support levels of $3.49 and $2.84 may be tested. In case the bulls push up the PancakeSwap, it will be confronted by the barriers at $4.20, $4.66 and $5.01 resistance levels.
CAKE/USD Market
Key levels:
Resistance levels: $4.20, $4.66, $5.01
Support levels: $3.70, $3.49, $2.84
CAKEUSD Long-term trend: Bearish
PancakeSwap is bearish in the daily chart. Two weeks ago, the coin was on the bullish trend. This scenario commenced when the coin tested the support level at $2.84 three times to form a triple bottom chart pattern. A bullish engulfing candle formed at the support level of $3.49, which triggers the bullish momentum. The price reached the resistance level of $4.66 price level but the bulls could not break it up. Sellers gained more pressure and push the coin to test $3.70 level. Price pulled back, today, sellers are returning to the market
PancakeSwap is trading below the 9 periods EMA and 21 periods EMA which indicate an increase in the bears’ momentum. Should the bears increase their momentum and penetrate the support level at $3.70, the support levels of $3.49 and $2.84 may be tested. In case the bulls push up the price, it will be confronted by the barriers at $4.20, $4.66 and $5.01 resistance levels. Meanwhile, the relative strength index period 14 is at 45 levels with the signal line pointing down to indicate sell signal.
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CAKEUSD medium-term Trend: Bearish, Outlook on Tamadoge Is Bullish
PancakeSwap is bearish in the 4-hour time frame. The bullish trend placed the price of PancakeSwap at $4.66 level. Due to low momentum of the bulls, the price dropped to $3.49 level. It pulled back to retest the resistance level of $4.20. The price is currently heading towards the previous low of $3.70 level.
PancakeSwap is trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Indicator period 14 is at 36 levels exhibiting a sell signal.
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