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CAKE Price Bounces Off $5.0 Resistance Level

CAKE Price Bounces Off $5.0 Resistance Level
CAKE Price Bounces Off $5.0 Resistance Level

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Sellers oppose buyers at $5.0 Level in the CAKE market

CAKEUSD Price Analysis – September 30

When the buyers increase their momentum and penetrate the resistance level at $5.0, the resistance levels of $5.5 and $6.2 may be tested. In case the sellers push down the CAKE, it will be confronted by the barriers at $4.6, $4.5 and $4.3 support levels.

CAKE/USD Market

Key levels:

Resistance levels: $5.0, $5.5, $6.2

Support levels: $4.6, $4.5, $4.3

 

CAKEUSD Long-term trend: Bullish

PancakeSwap is bullish in the daily chart. The coin remains under the buyers’ control. It increases to $4.6 resistance level. Buyers exert more pressure and the just mentioned level was penetrated upside. The buyers’ pressure pushes the price to the high of $5.0. Seller defends the just mentioned level. Yesterday, an inverted pin bar candle formed which indicate an increase in the sellers’ momentum. Today, more bears influx the market and the price is decreasing towards the support level of $4.6.

PancakeSwap is trading above the 9 periods EMA and 21 periods EMA which indicate a bullish momentum. When the buyers increase their momentum and penetrate the resistance level at $5.0, the resistance levels of $5.5 and $6.2 may be tested. In case the sellers push down the price, it will be confronted by the barriers at $4.6, $4.5 and $4.3 support levels. Meanwhile, the relative strength index period 14 is at 63 levels with the signal line pointing down to indicate sell signal.

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 CAKEUSD medium-term Trend: Bearish

PancakeSwap is bearish in the 4-hour time frame. The coin reached the high of $5.0 yesterday. An inverted pin bar candle was produced. Bearish candles were produced which indicate an increase in the sellers pressure. The dynamic support level is penetrated downside. Price is heading towards the support level of $4.6.

PancakeSwap is trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Indicator period 14 is at 48 levels exhibiting sell signal.

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