PancakeSwap price analysis: Price approaches $20.17 as bulls reestablish the lead

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2099

TL;DR Breakdown

  • The price has increased up to $20.17.
  • PancakeSwap price analysis indicates bullish trend.
  • Support is settled on the $17.997 mark.

The cryptocurrency is following a bullish trend after an in-between period of decline. The coin value has been improved up to $20.17 because of the upturn in price. The price has been successively on the rise since the past week, with fewer bearish retraces. The price has been traveling quite uniformly since the past few days as well, with no resistance being reported from the bearish side. 

CAKE/USD 1-day price chart: CAKE regains balance above $20.2 after recovery

The one-day PancakeSwap price analysis is showing signs of bullish activity taking place, as the price has improved significantly. The price has been advancing for the past few days and today it has been able to reach the $20.17 level. Although a drop in price occurred earlier, the bulls have managed to recover their momentum. If we move on towards the moving average indicator (MA) then its value is going $19.5 for the day.

PancakeSwap price analysis: Price approaches $20.17 as bulls reestablish the lead 1
CAKE/USD 1-day price chart. Source: TradingView

The Bollinger bands Indicator is showing the following values for now; its average is at $19.22 whereas the upper value is $20.44 and the lower value is $17.997. The Relative Strength Index (RSI) score has undergone improvement because of the bullish trend as well and has moved past 52.

PancakeSwap price analysis: Cryptocurrency looses strength after steady flight

The price is going down once again as can be confirmed from the four hours Pancake Swap price analysis. Although an uptrend in price had been following previously, in the current hour the market is showing a bearish tendency. The price levels have dropped down to $20.2 which has brought disadvantages to the buyers. The price is still standing higher than the moving average which is at the $19.46 position.

PancakeSwap price analysis: Price approaches $20.17 as bulls reestablish the lead 2
CAKE/USD 4-hours price chart. Source: TradingView

The volatility has increased tremendously which is not an encouraging signal for the future. As a consequence, the upper Bollinger band is now at $20.52 whereas the lower Bollinger band is at $17.87. The RSI curve has descended down to 58.59 level in the last four hours. 

PancakeSwap price analysis: Price approaches $20.17 as bulls reestablish the lead 3
CAKE/USD technical indicators chart. Source: TradingView

The technical indicators chart for PancakeSwap price analysis is indicating a bullish signal for the day as the coin value has grown quite eminently. There are 15 indicators on the buying position, nine indicators on the neutral position, and only two indicators found on the selling position.

The moving averages indicator is favoring the buyers as well with a strong bullish signal. We can see that 12 indicators are present on the buying position, two indicators are on the selling position which leaves only one indicator on the neutral position. The Oscillators are giving a buying signal with three oscillators at buying level, eight oscillators at the neutral level, and zero at the selling level.

PancakeSwap price analysis conclusion

The bullish momentum has recovered as it has been confirmed from the one-day and four hours PancakeSwap price analysis. Although the cryptocurrency went through a decline earlier this week, the bullish momentum has been revived and the bulls are now progressing swiftly. The price can be maintained at $20.17 position if the support levels remain at $17.99. The price may go down in the upcoming hours as the four hours prediction is dictating a drop in price.

Source: cryptopolitan.com

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