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Bulls may continue pushing up the CAKE
CAKEUSD Price Analysis – September 10
Should the buyers increase their momentum and penetrate the resistance level at $4.36, the resistance levels of $4.66 and $5.01 may be tested. In case the sellers push down the CAKE, it will be confronted by the barriers at $4.20, $3.70 and $3.49 support levels
CAKE/USD Market
Key levels:
Resistance levels: $4.36, $4.66, $5.01
Support levels: $4.20, $3.70, $3.49
CAKEUSD Long-term trend: Bullish
PancakeSwap is bullish in the daily chart. On August 19, the coin reduced to the low of $3.49 level. Buyers prevented further price reduction with the formation of an inside bar candle. The price bounces upside by broken former resistance levels of $3.70, and $4.20. Yesterday, the price tested the resistance level of $4.36. Today, it is pulling back. Sellers may begin to dominate the CAKE market if sellers increases their momentum.
PancakeSwap is trading above the 9 periods EMA and 21 periods EMA which indicate an increase in the buyers’ momentum. Should the buyers increase their momentum and penetrate the resistance level at $4.36, the resistance levels of $4.66 and $5.01 may be tested. In case the sellers push down the price, it will be confronted by the barriers at $4.20, $3.70 and $3.49 support levels. Meanwhile, the relative strength index period 14 is at 59 levels with the signal line pointing up to indicate buy signal.
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CAKEUSD medium-term Trend: Bullish, TAMA Explodes Skywards
PancakeSwap is bullish in the 4-hour time frame. The bearish trend placed the price of PancakeSwap at $3.49 level. Due to low momentum of the bears, the price bounce and increase to $4.29 level after it broke up $3.70 and $4.20 levels.
PancakeSwap is trading above the 9 periods EMA and 21 periods EMA. The Relative Strength Indicator period 14 is at 63 levels exhibiting buy signal.
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