PancakeSwap (CAKEUSD) Price: Bears Defend $4.20 level, Outlook on Tamadoge Is Bullish

PancakeSwap market is dominated by bears

CAKEUSD Price Analysis – August 26

Should the bears increase their momentum and penetrate the support level at $3.70, the support levels of $3.49 and $2.84 may be tested. In case the bulls push up the PancakeSwap, it will be confronted by the barriers at $4.20, $4.66 and $5.01 resistance levels.

CAKE/USD Market

Key levels:

Resistance levels: $4.20, $4.66, $5.01

Support levels: $3.70, $3.49, $2.84

CAKEUSD Long-term trend: Bearish

PancakeSwap is bearish in the daily chart. Two weeks ago, the coin was on the bullish trend. This scenario commenced when the coin tested the support level at $2.84 three times to form a triple bottom chart pattern. A bullish engulfing candle formed at the support level of $3.49, which triggers the bullish momentum. The price reached the resistance level of $4.66 price level but the bulls could not break it up. Sellers gained more pressure and push the coin to test $3.70 level. Price pulled back, today, sellers are returning to the market

PancakeSwap is trading below the 9 periods EMA and 21 periods EMA which indicate an increase in the bears’ momentum. Should the bears increase their momentum and penetrate the support level at $3.70, the support levels of $3.49 and $2.84 may be tested. In case the bulls push up the price, it will be confronted by the barriers at $4.20, $4.66 and $5.01 resistance levels. Meanwhile, the relative strength index period 14 is at 45 levels with the signal line pointing down to indicate sell signal.

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 CAKEUSD medium-term Trend: Bearish, Outlook on Tamadoge Is Bullish

PancakeSwap is bearish in the 4-hour time frame. The bullish trend placed the price of PancakeSwap at $4.66 level. Due to low momentum of the bulls, the price dropped to $3.49 level. It pulled back to retest the resistance level of $4.20. The price is currently heading towards the previous low of $3.70 level.

PancakeSwap is trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Indicator period 14 is at 36 levels exhibiting a sell signal.

Tamadoge sold for 1 USDT to 100 TAMA (1 TAMA = 0.01) in the first phase, in which a beta sale of 200 million tokens were made available to the public. Since then there have been successive sale tranches of 100 million tokens. Half of the tokens on offer in the presale have now been sold. In total 1 billion TAMA tokens are up for sale, with the price rising on each occasion. TAMA has a total supply of 2 billion, so early bird buyers in the presale are able to purchase a generous 50% of supply. Tranche prices will keep rising until the price reaches $0.03, equivalent to 3 times the initial beta sale price. The next price to beat is in the sixth phase when 1 USDT buys 44.44 TAMA.

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