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Bears continue pushing down the CAKE
CAKEUSD Price Analysis – September 16
Should the sellers increase their momentum and penetrate the support level at $3.86, the support levels of $3.70 and $3.49 may be tested. In case the buyers push up the price, CAKE will be confronted by the barriers at $4.20, $4.36 and $4.66 resistance levels.
CAKE/USD Market
Key levels:
Resistance levels: $4.20, $4.36, $4.66
Support levels: $3.86, $3.70, $3.49
CAKEUSD Long-term trend: Bullish
PancakeSwap is bullish in the daily chart. The price action formed a cup like shape on the daily chart. The coin is under the buyers control since last month. It increases to $4.66 on August 08, it pulled back to retest the support level of $3.70 as a normal phenomenon in a trending market. The buyers returned to the market and the price tested previous high at $4.66. The just mentioned level has been tested three times and it is currently pulling back.
PancakeSwap is trading below the 9 periods EMA and 21 periods EMA which indicate an increase in the sellers’ momentum. Should the sellers increase their momentum and penetrate the support level at $3.86, the support levels of $3.70 and $3.49 may be tested. In case the buyers push up the price, it will be confronted by the barriers at $4.20, $4.36 and $4.66 resistance levels. Meanwhile, the relative strength index period 14 is at 51 levels with the signal line pointing down to indicate sell signal.
Your capital is at risk
CAKEUSD medium-term Trend: Bullish, TAMA Presale Almost Sold Out
PancakeSwap is bullish in the 4-hour time frame. The coin found support at $3.86 level. Due to low momentum of the bears, the price bounce and increase. It broke up $4.37. It is currently pulling back towards the support level at $3.86.
PancakeSwap is trading around the 9 periods EMA and 21 periods EMA. The Relative Strength Indicator period 14 is at 60 levels exhibiting sell signal.
During the TAMA presale, 1 billion tokens will be sold. This number equates to 50% of the entire TAMA supply. The solid tokenomics of TAMA is one of the reasons why the presale has become very popular. Unlike other memecoins with trillions and quadrillions of coins in supply, TAMA’s supply is capped at 2 billion. TAMA has also been securing new partnerships that make the memecoin popular in the crypto community. To make it easier for traders to invest in the memecoin, the Tamadoge team has announced Fiat On-Ramp support allowing users to buy Ether with a card or using local payment methods such as Transak and then convert the ETH into TAMA.
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