It’s been a whirlwind week for cryptocurrencies. Bitcoin cash, best known as BCH, surged nearly 40 percent in seven days, while its closest competitor, Ripple’s XRP, rose 20 percent. Both coins posted stellar gains on Thursday, with BCH jumping nearly 12 percent and XRP climbing 10 percent.
Dash, which is traded as XCoin on the Poloniex exchange, has rocketed past the $300 mark in the last 24 hours. The digital currency, which was listed on Poloniex on the 3rd of August and introduced to the digital currency exchange in early August, has gained around 10 percent over the last week and is now hovering around $300. With a market cap of $1.6 billion, Dash is currently the 8th largest digital currency in the market.
TL;DR Breakdown- The primary resistance for PancakeSwap (CAKE) rests at the 50-day SMA
- Cake opened the daily and weekly chart at $15.01
- PancakeSwape is trading at $15.15 against the US dollar.
Cake Price Analysis: General price overview
The main resistance for PancakeSwap (CAKE) rests at the 50-day simple moving average at $15.67. The relative strength index points towards the positive territory. The bulls are routing into the dips around the 20-day exponential moving average at $14.00; they anticipate a rise towards two upsides at $18 and $21, respectively. The SMA and the EMA are forcing the price into a tight range and preventing the coin from retesting the $10 crucial mark. Both the MACD and the RSI are bullish, suggesting that most of the odds in the next 24 hours favor an uptrend. Given the buyer’s ability to resist bearish momentum and sustain a steady upswing above the 50-day simple moving average, market participants can expect CAKE to rise above $21.
Cake opened the daily and weekly chart at a price of $15.01 against the US dollar. A tight rising wedge saw the coin sustain an uptrend from the early morning lows to an intraday high of $15.95. High seller concentration is scattered around the double bottoms on the 4-hour chart at $15.60.
Cake price movements in the last 24-hours
PancakeSwap (CAKE) is trading within an ascending channel on the daily chart and has the 50-day simple moving average and the 20-day exponential moving average slopping upwards to suggest a breakout. The relative strength index is trending within the positive zone, and o. Otherther indicators such as the MACD, the IOMAP, and the Ichimoku cloud suggest CAKE buyers have the upper hand in the current price movement.
Cake’s resistance line on the ascending channel is located within $16 and $18. The bulls could open up the coin to further gains if they are able to push the price at least 50 percent of the ascending channel. Breaking out of the resistance line would also give them an upper hand in the future direction of the price over the upcoming sessions. Failure to remain solid and sustain the ascending channel, the bears will take over and terminate the rising short-term movement.
Source: TradingView
Cake 4-hour price chart
As of this writing, PancakeSwape is trading at $15.15 against the US dollar. The short-term MACD and RSI are both green, and the Bollinger bands are expanding outwards to indicate the possibility of short and medium-term gains and volatility. Cake bears have their next primary target towards the 20-day exponential moving average, below which lies a supply zone at $12.39.
Cake price analysis conclusion
PancakeSwap (CAKE) is an investment-worthy cryptocurrency for anyone looking to explore the investment world of decentralized finance (DeFi). Presently, the project is backed up by Binance exchange and audited by CertiK.
Disclaimer. The information provided is not trading advice. .com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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