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PancakeSwap Price Prediction for Today, 09 December: CAKE Awaiting a Spark from Bulls or Bears

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Buyers’ and Sellers’ momentum is equal in the CAKE market

CAKEUSD Price Analysis – 09 December

Should buyers’ momentum increase, the price may break up the resistance level of $4.0 and the price may increase to the resistance levels at $4.1 and $4.3. In case sellers oppose the buyers at the $4.0 level, CAKE may decrease and break down the support level of $3.7, which may decrease to $3.5 and $2.8 support levels.

CAKE/USD Market

Key levels:

Resistance levels: $4.0, $4.1, $4.3

Support levels: $3.7, $3.5, $2.8

 

CAKEUSD Long-term trend: Ranging

PancakeSwap ranges in the daily chart. The Crypto has been under the sellers’ pressure since 08 November. The pressure was high and the support level of $3.49 was located on November 22. Bulls defended the just-mentioned level with the formation of strong bullish candles which push the price to retest the resistance level of $4.0. Bulls could not continue pushing up the price due to low momentum. In the same way, sellers’ pressure is low and that is why the price is consolidating around the $4.0 level.

Pancakeswap is hovering over and around the 9 periods EMA and 21 periods EMA which indicates bullish momentum. Should buyers’ momentum increase, the price may break up the resistance level of $4.0 and the price may increase to the resistance levels at $4.1 and $4.3. In case sellers oppose the buyers at the $4.0 level, the price may decrease and break down the support level of $3.7, which may decrease to $3.5 and $2.8 support levels. The relative strength index period 14 is at 49 levels with the signal line pointing up to indicate a buy signal.

 CAKEUSD medium-term Trend: Ranging

PancakeSwap is ranging in the 4-hour time frame. CAKE bounced up from the support level of $3.4 on 22 October. The bulls were unable to push up the price above the resistance level of $4.0. Also, the sellers find it difficult to push down the price. The scenario mentioned above led to price consolidation in the CAKE market.

PancakeSwap is trading over and around the 9-periods EMA and 21-periods EMA. The Relative Strength Indicator period 14 is at 60 levels exhibiting a buy signal. Low momentum in the Pancakeswap market but high momentum in the IMPT market.

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