The Pancake(CAKE) price resonates within $10 and $7.5 barriers for over a month now, creating a narrow range. However, the consolidation reflected a bearish set-up with double top pattern formation. Under the bearish RSI influence, the CAKE holders may lose the $7.5 mark.
Key points:
- The CAKE reflects a 21.5% loss since last week
- The daily RSI divergence bolsters the double bottom fallout.
- The intraday trading volume in the CAKE token is $209.8 Million, indicating a 42% loss.
Source- Tradingview
On April 12th, the Pancake(Cake) price bounced from the $7.5 support, providing a higher low formation of an upcoming recovery.
However, the cake price failed to surpass the $10 resistance, undermined the possibility of a bull run, and reverted the coin price by 23%. The CAKE price revisited the $7.5 support, reflecting a double bottom pattern in the daily time frame chart.
On April 28th, the cake buyers tried to rebound the price with a morning star candle pattern; However, with no follow-through observed, the possibility of a fallout remains on the cards.
Trending Stories
Respecting this bearish pattern, the coin price may drop below the $7.5 support and extend the ongoing correction. A daily-candle closing below this support would pull the altcoin back to march bottom support of $5.4.
In contrast, if buyers defend the $7.5 support, the CAKE price would continue to resonate in a minor range.
Technical indicator
The declining EMAs(20, 50, 100, and 200) have started a lateral movement accentuating a range rally. However, the recent correction rally nosedived below these EMAs support puts sellers at an unfair advantage.
Despite a lateral consolidation in price action, the RSI slope falling lower reflects the loss of bullish momentum. This bearish divergence gives additional confirmation for the double top pattern fallout
- Resistance levels- $10, $13.1
- Support levels- $7.6-7.1 and $5.4
- G7 Countries to Discuss Crypto Assets This Week After Recent Terra Ecosystem Collapse
- Whales Eye Litecoin Ahead Of Major Update, Here’s Why
- Just-In: Robinhood Now Supports Web3 Wallets And NFTs
- U.S. Is Winning Bitcoin Mining Race But China Still Not Out Of Picture: Report
- Stablecoin Meltdown: This Token Loses $7 Billion Within A Week
- Just-In: Polygon (MATIC) Releases Nightfall Mainnet Beta; Here’s Why It’s A Big Deal
- Ripple (XRP) Price Jumps Over 4%, Here’s Why
- Coinbase Cuts Down Hiring After Q1 Losses Hit $420 Million
- Shiba Inu (SHIB) Price Soars 6% In A Day, Here’s Why
- KuCoin Lists $UST Crisis Born Stablecoin $USDD; Details
- APE Price Analysis: Triangle Breakout Eyes 55% Rise in APE
- Ripple Price Analysis: XRP Price Remains Pressured Below $0.45
- EGLD Price Analysis: Decreasing Volume Hints EGLD to Reverse from $75
- Cardano Price Analysis: ADA Price Prepares For 22% Jump; Are You Holding?
- Bitcoin Price Analysis: BTC Price Holds Above $30,000; Opportunity To Buy?
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000
- Decentraland Price Analysis: MANA Price Sinks 10%; Are You Still Holding?
- Bitcoin Price Analysis: BTC Price Under Bear’s Spell; Is $26,000 On Cards Again?
- ETH Price Analysis: Consolidation Range Soon To Launch ETH Above $2250
- Bitcoin Price Analysis: Triangle Breakout Sets BTC Rally To $32000 Mark
