The post Is PancakeSwap (CAKE) Gearing Up for a Breakout or Breakdown? appeared on BitcoinEthereumNews.com.

PancakeSwap is trading near the $1.77 level. CAKE’s 24-hour trading volume has surged by over 51%. Despite recovering from the market crash, the crypto market remains under a strong bearish grip, with extreme fear lingering within the market. Meanwhile, PancakeSwap (CAKE) has spiked by over 3.29%.  The extended bearish pressure has the potential to drive the price back to its former lows. An upturn might emerge after breaking crucial resistance levels.  The asset opened the day trading at around the peak of $1.83. The wake of bears drove the price to a low of $1.62. At the time of writing, PancakeSwap traded at around $1.77, with its daily trading volume increased by over 51.81% to $154 million.  PancakeSwap has registered a gain of over 14.53% in the last thirty days. The asset began trading within the $1.39 range and gradually climbed to hit the monthly high of $2.78. PancakeSwap’s four-hour candlestick exhibits a strong bearish sentiment. The price might backpedal toward $1.63. A drop below this mark could likely send the price back to its former lows around the $1.50 range On the contrary, a bullish shift could trigger the asset to retest the resistance near $1.81. An extended upside correction might reinforce the PancakeSwap bulls and can target the resistances between $1.86 and $2.  The asset’s Moving Average Convergence Divergence (MACD) line and signal line are stationed below the zero line. This crossover indicates the potential bear hold. Besides, the Chaikin Money Flow (CMF) indicator at 0.01 suggests a slightly bullish to neutral sentiment.  CAKE’s Bull Bear Power (BBP) value of 0.047 signals a modest presence of bulls in the market. The daily relative strength index (RSI) found at 53.12 infers a neutral to slightly bullish momentum. Disclaimer: The opinion expressed in this article is solely the author’s. It…

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Filed under: News - @ April 9, 2025 2:27 pm