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PancakeSwap (CAKE) price has bounced from the $1.4898 level following an extended downtrend that saw CAKE decline from its peak levels and to lower-low patterns.
PancakeSwap is trading at $1.497, down 0.85% over the last 24 hours and up 1.8% over the past week. CAKE remains bearish on the longer timeframes, trading 5.82% down over the last month and 52% below its January 1 opening.
PancakeSwap Consolidates in a Symmetrical Triangle
The CAKE price indicates that market sentiments regarding the token are currently neutral. It’s worth noting that PancakeSwap’s price action has recorded a series of lower highs and lower lows over the last six weeks. This has led to the formation of a symmetrical triangle on the daily chart.
This consolidation is supported by the position of the Relative Strength Index (RSI) at 46, near the midline. In addition, the leveling of the 50-day Simple Moving Average (SMA) and the horizontal movement of the Moving Average Convergence Divergence (MACD) indicator close to the neutral line suggested that the buying and selling pressure appeared to be balancing out. This suggested that the DEX token could move from the current level in either direction.
Therefore, for CAKE price moves in favor of the bulls, it would need to break out of the triangle by producing a daily candlestick close above the upper boundary of the triangle at $1.50. If this happens, bulls would be bolstered to push the price first to the $1.55 resistance level and later to the $1.60 psychological level.
In highly ambitious cases, PancakeSwap price may rise toward the $1.65 swing high before reaching the optimistic target of the prevailing chart pattern at $1.73. This would represent a 15% uptick from the current price.
CAKE/USD Daily Chart
If the price favors the downside, it would produce a daily candlestick close below the 50-day SMA at $1.49 and drop toward the $1.43 support level. Breaching this level would set CAKE in a freefall toward the bearish target of the symmetrical triangle at $1.27.
While investors wait to see which direction PancakeSwap will take, they could turn to new cryptocurrency in presale like Launchpad XYZ, which provides an excellent option for investors to make handsome returns on their investments.
Promising CAKE Alternatives
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The primary goal of Launchpad is to simplify the adoption of Web3 technologies by offering a thoughtfully curated platform that ensures a smooth and user-friendly interaction with digital assets.
Launchpad’s unique selling point lies in its comprehensive dashboard built on Web3 principles, specifically designed to aid both beginner and experienced traders in making well-informed trading decisions by equipping them with essential tools.
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Moreover, Launchpad XYZ offers extensive information on utility tokens, including crucial liquidity metrics, analyst perspectives, customizable indicators, and potential arbitrage opportunities.
The project has just completed one of the most successful presales, with a listing expected on multiple cryptocurrency exchanges for $0.0565 per token in the near term.
Those interested in purchasing can visit Launchpad XYZ here and acquire $LPX tokens using ETH, BNB, USDT, or credit/debit cards.
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