Pancake Swap Finds Support at $1.50: Is a Return To Coins February Highs In Sight?

Pancake Swap, a popular decentralized exchange (DEX) on the Binance Smart Chain (BSC), has found strong support around the $1.50 mark.

This level has served as a crucial support zone, indicating a potential reversal in price direction. With the recent bullish momentum in the cryptocurrency market, some traders speculate that Pancake Swap could aim to revisit its previous highs from February.

Pancake Swap Price Analysis: CAKE’s Performance and Market Trends

Today, PancakeSwap is trading at $1.52, down -4.18% from last week’s $1.58. In the past 24 hours, the CAKE token has increased by 4.78%. Crypto market sentiment skews bullish.

Pancake Swap Stats:

• CAKE price now – $1.52
• CAKE market cap – $3.15.937 Million
• CAKE circulating supply –  208,397,837 CAKE
• CAKE total supply –   388,817,590 CAKE
• CAKE Coinmarketcap ranking – 98

Over the past year, the trend for the CAKE token has been primarily bearish, with a few notable bullish rallies from September to November 2022 and again from January to March 2023. During the analysis period, the CAKE token was worth $3.446.

The price encountered significant resistance at $9.816 at the beginning of the period, which led to a downtrend. In addition, $4.871, tested twice, was another notable resistance level. See our guide to the best crypto ICOs to invest in here.

The price dropped and reached its lowest support level at $2.872 during the first test. The bulls tried to break through this level during the second retest from September to November 2022 but couldn’t, leading to further price declines. The price found support around $3.24 after the bullish rally.

After August 2022, trading volume dropped and stayed low from October to December 2022. However, there was a slight surge in volume in November 2022 as the price continued to decline after it retested $4.871. During the second bullish rally in Q1 2023, volume started to recover.

Prices are less volatile after September 2022, which shows a contraction of Bollinger bands. As the price briefly surpassed the 20-week moving average (MA) during the short-lived upward movements, it consistently fell below the 20 MA afterward, and the trend has not been sustained upward.

The Relative Strength Index (RSI) remained below neutral 50 throughout the analyzed period. RSI values ranged from 45.3 to 47.2 during the first upward price movement.

AFTER THE SECOND BULLISH RALLY, the RSI briefly crossed the 50 line but then dipped back down, causing Insufficient buying pressure. The RSI value at the end of the analyzed period was 40, showing sellers had the upper hand.

Chimpzee: A Web3 Project Protecting Forests and Wildlife

Chimpzee is an eco-friendly project that saves trees, forests, and wildlife species. Blockchain technology and Web3 innovations are used to engage users.

CHMPZ, the project’s native token, has gained popularity among investors. With CHMPZ, token holders can access exclusive merchandise.

The Chimpzee character was inspired by Max Chimpzeeski, a scientist dedicated to saving the planet.

Max used his determination and passion to create a powerful deforestation and poaching tool.

The Chimpzee embodies Max’s efforts, combining elements of man, ape, and machine. In the ecosystem, users get immersed in this captivating storyline.

Chimpzee: Earning, Playing, and Making a Lasting Impact

The Chimpzee project isn’t just about cryptocurrencies. This movement combines earning potential with environmental preservation. Using Chimpzee, you can take part in three fun activities:

Take part in the Shop-to-Earn (S2E) model through Chimpzee Shop. With every purchase in the online store, you’ll earn CHMPZ tokens and satisfy your shopping needs. Making a difference while indulging in your favorite products is easy.

Discover the Chimpzee NFT Marketplace, where you can trade-to-earn (T2E) and earn. Earn a share of the project’s trading fees by participating in a vibrant ecosystem of non-fungible tokens. Take advantage of exclusive NFT passports. Become a part of the growing NFT community.

Experience an immersive journey with the Zero Tolerance Game, where you’ll get tangible rewards for your gaming skills. Using the Play-to-Earn (P2E) model, you can collect CHMPZ tokens while making the world better. Get rewarded for engaging in captivating gameplay.

Pre-sales for Chimpzee have already started, with an initiative to plant 20,000 trees in Guatemala catching investors’ attention. CHMZ raised around $804k within a few days of the pre-sale. The CHMPZ token is priced at $0.00067 in stage 6 of the presale and will increase to $0.00007 in stage 7.

Secure your stake before the price surges. CHMPZ will list at $0.00185 after the presale ends, giving early investors a paper gain of over 180%.

Chimpzee Diamond NFT passports are only for early investors. Diamond and Gold NFTs let you create a free avatar, adding a unique touch to Chimpzee. Be part of a community dedicated to changing the world and unleashing the power of Chimpzee.