https://ift.tt/3AErCBX price analysis: CAKE flashbacks at $8.0 after bullish support

TL;DR Breakdown

• PancakeSwap price analysis is bullish.
• The price has increased up to $8.0.
• Support is settled on the $7.22 mark.

The Pancakeswap price analysis is bullish today as the coin after getting support at $7.50 has risen back to $8.0 today. The bears were ruling the market for more than a month as the trend was downwards continuously and especially the last week proved quite detrimental for the cryptocurrency when the coin went through extreme loss as a result of a heavy sell-off. Today the trend has changed and the price started to cover range upwards as bulls brought back the chances for survival.

CAKE/USD 1-day price chart: Bulls fight back after extreme loss

The 1-day Pancakeswap price analysis shows bullish signs today, as the price has started to recover for the first time after a week-long strong bearish trend which cost more than 34 percent loss for CAKE/USD, however, as the trends flipped today, bulls quickly recovered more than six percent value during the last 24 hours. At the same time, the trading volume is down by 27.44 percent despite the bullish recovery.

The volatility is increasing as the distance between Bollinger bands is increasing. The upper value of the Bollinger Bands Indicator is now standing at $12.89, whereas the lower value has dropped down to $8.26 representing resistance as the price is trading below the lower band. The Relative Strength Index (RSI) score has recovered up to index 30.46 after dipping critically low.

PancakeSwap price analysis: Recent developments and further technical indications

The 4-hour Pancakeswap price analysis shows the bulls have taken the lead back after a long time, the price function has observed some stability today after going through a steep loss yesterday. Bulls have helped in elevating the price level up to $8.0, though bears intervened during the day and some correction was also observed in between, however, the price action is towards upside for the last four hours as well.

The volatility is also high on the 4-hour chart as well. Meanwhile, the upper limit of the Bollinger Bands Indicator is now present at the $11.3 marker representing resistance, whereas its lower limit is present at $6.3 representing support. The RSI score is still quite low as the bears dominated earlier, and the curve is touching the index 36 level after seeing some buying activity.

PancakeSwap price analysis conclusion

The 1-day and 4-hours Pancakeswap price analysis favor the buyers, as the price function remained upwards for most of the day. Although the circumstances remained quite unfavorable for the cryptocurrency in the last few weeks, today has proved to be encouraging for CAKE/USD. The price is now settling at the $8.0 mark, and the hourly price prediction also predicts upwards trends. The bulls are fighting back to win back their position. We expect CAKE/USD to continue upside for the coming hours.

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