PancakeSwap (CAKE) Falls to New All-Time Low
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PancakeSwap (CAKE) has leapt afterward touching a new all-time low rate on Jan 22, but has yet to confirm the opportunity of a bullish trend retraction.
CAKE has been falling afterward spreading to an all-time high cost of $44.28 on April 30. On June, the rate bounce at the $10 horizontal support field and initiated a bounce, that however was short-lived.
During the week of Jan 17-24, 2021, the rate broke down from the $10 horizontal level. This was a notable event afterward it achieved a drop to a new all-time low.
While the rate has bouncet afterward, it is further exchanging below this level. Until the level is converted, the trend cannot be treated bullish.
Cryptocurrency trader @Futrii tweeted a chart of CAKE, that shows which the cost has fallen below several important horizontal levels in the way to a new all-time low.
Current CAKE pattern
The daily chart shows which CAKE has been weakening within a falling corresponding channel afterward Aug 26. Such channels recurrently contain corrective changements. Therefore, a breakout from it would be the most expected rundown. Nevertheless, CAKE is atop again in the lower portion of the channel, suggesting that the potential skyward shift has not yet begun.
In addition to this, there is a very critical bullish divergence that has developed in the MACD (green line). Such disparities very often precede influential ascending progresses.
Nonetheless, the RSI, that is a momentum indicator, is likewise below 50. In order for the bullish trend to be confirmed, the RSI has to move atop this level.
On the occasion that a breakout from this channel occurs, the closest resistance range would be between $16.70 and $19. This field is created by the 0.5 – 0.618 Fib retracement resistance levels.
Short-term changement
The two-hour chart for CAKE shows no discernible patter close-bys an surging similar channel, whose resistance line has not been hardlyified sufficient times.
moreover, technical indicators provide neutral readings, afterward the RSI is at 50 and the MACD is close to 0.
The resistance line of this channel coincides with the middle of the protracted-term channel and is close to the $10 horizontal level. This supports the outlook from the lengthyer-term time-frames, that suggests the trend cannot be examined bullish until CAKE reclaims these levels.
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