PancakeSwap Price Prediction for Today, November 07: CAKE Is Heading to Previous Low at $4.3

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Updated: 07 November 2022

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CAKE Sellers Oppose Buyers at $5 Level

CAKEUSD Price Analysis – November 07

When sellers become the dominant force in the market, price will likely break down across the support level of $4.6 and potentially continue to the support levels at $4.3 and $4.1. If buyers should oppose the sellers at the $4.6 level, PancakeSwap may increase and break above the resistance level of $4.8, and from there test the $5.0 and $5.5 resistance levels.

CAKE/USD Market

Key levels:

Resistance levels: $4.8, $5.0, $5.5

Support levels: $4.6, $4.3, $4.1

CAKEUSD Long-term trend: Bearish

PancakeSwap is bearish on the daily chart, with another cup with handle chart pattern forming. The resistance level at $5.0 has been tested twice at the top of the cup. The pullback on the daily chart is the formation of the cup handle. The resistance level of $5.0 was tested on 05 November. Daily bearish candles were produced and the price is currently testing the support level of $4.6.

Pancakeswap has crossed down over the 9 and 21-period EMAs, a bearish momentum. When sellers become the dominant force in the market, price will likely break acrossthe support level of $4.6 and potentially decrease to the support levels at $4.3 and $4.1. If buyers should oppose the sellers at $4.6 level, price may increase and break above the resistance level of $4.8, and from there test the $5.0 and $5.5 resistance levels. The 14-period Relative Strength Index (RSI) is at 54 with the signal line pointing down to indicate sellers may be taking over the price direction.

CAKEUSD medium-term Trend: Bearish

PancakeSwap is bearish on the 4-hour timeframe. CAKE found support at the $4.3 level on 26 October, and continued upward, eventually breaking the 4.6 resistance level. It has since continued its bullish run, and is now testing the $5 level. After testing this psychological level twice, it has since retraced towards the support level of $4.3.

PancakeSwap is trading below the 9 and 21-period EMAs, and the 14-period Relative Strength Indicator (RSI) is at 42, indicating that sellers are slightly in the ascendancy.

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The IMPT presale continues, and has reached a value of more than $12m within a few weeks. The Impact Project is a blockchain initiative that aims to reduce emissions by incentivizing users to cut back on their carbon footprint via the use of carbon credits and a novel social media platform.