Bears continue pushing down the CAKE
CAKEUSD Price Analysis – September 16
Should the sellers increase their momentum and penetrate the support level at $3.86, the support levels of $3.70 and $3.49 may be tested. In case the buyers push up the price, CAKE will be confronted by the barriers at $4.20, $4.36 and $4.66 resistance levels.
Resistance levels: $4.20, $4.36, $4.66
Support levels: $3.86, $3.70, $3.49
CAKEUSD Long-term trend: Bullish
PancakeSwap is bullish in the daily chart. The price action formed a cup like shape on the daily chart. The coin is under the buyers control since last month. It increases to $4.66 on August 08, it pulled back to retest the support level of $3.70 as a normal phenomenon in a trending market. The buyers returned to the market and the price tested previous high at $4.66. The just mentioned level has been tested three times and it is currently pulling back.
PancakeSwap is trading below the 9 periods EMA and 21 periods EMA which indicate an increase in the sellers’ momentum. Should the sellers increase their momentum and penetrate the support level at $3.86, the support levels of $3.70 and $3.49 may be tested. In case the buyers push up the price, it will be confronted by the barriers at $4.20, $4.36 and $4.66 resistance levels. Meanwhile, the relative strength index period 14 is at 51 levels with the signal line pointing down to indicate sell signal.
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CAKEUSD medium-term Trend: Bullish, TAMA Presale Almost Sold Out
PancakeSwap is bullish in the 4-hour time frame. The coin found support at $3.86 level. Due to low momentum of the bears, the price bounce and increase. It broke up $4.37. It is currently pulling back towards the support level at $3.86.
PancakeSwap is trading around the 9 periods EMA and 21 periods EMA. The Relative Strength Indicator period 14 is at 60 levels exhibiting sell signal.
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