PancakeSwap Rallied More Than 10%, Claiming the Top Gainer Spot.
CAKE’s daily trading volume has fallen by over 24%. Despite recovering from a prolonged decline, all major crypto assets remain stuck in a stubborn bearish grip. Meanwhile, PancakeSwap (CAKE) has broken away with a notable 10.17% jump, claiming the top gainer spot. In the early hours, CAKE was under control of the mighty bears, trading at a low of around $2.35. After the bulls made their move, the asset climbed to the $2.73 level. At the time of writing, PancakeSwap traded at $2.67, with its daily trading volume touching $335 million. Furthermore, during this period, the market observed a liquidation of $814.56K in CAKE. PancakeSwap has posted a gain of over 67.32% in the last seven days. The asset began the week trading in the $1.60 range, mounted to hit the weekly high of $2.75.
Will CAKE Move Up or Down from Here?
The four-hour candlestick of PancakeSwap reflects a brief bearish signal. The price could backpedal to the $2.52 level. A steep fall below this mark might send the asset back to its established lows around the $2.38 range. Contrarily, a potent bullish turn might trigger CAKE to test the $2.79 resistance. A continued upside could help reinforce the bullish price action and PancakeSwap can target the subsequent crucial resistances between $2.88 and $3. CAKE’s Moving Average Convergence Divergence (MACD) line is found below the signal line. This crossover typically indicates the bear hold and the potential of the asset’s price to decline or remain under pressure.
CAKE chart (Source: TradingView) Besides, the Chaikin Money Flow (CMF) indicator positioned at -0.05 suggests the outflows are stronger than inflows. Meanwhile, PancakeSwap’s daily trading volume has decreased by over 24.31%. The asset’s Bull Bear Power (BBP) value of 0.180 signals mild bullish advantage within the market. CAKE’s daily relative strength index (RSI) settled at 69.75 implies that it is approaching the overbought territory.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. The NewsCrypto team encourages all to do their own research before investing.
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