Is Pancakeswap Coin Price Ready to hit $5?

The last four months’ price action on the Pancakeswap coin displays a V-shaped recovery in the daily time frame chart. This type of recovery reflects rapid and strong growth in bullish momentum after a period of decline. This bull run, backed by increased volume, indicates a sustained recovery rally. However, the increasing selling pressure at $4.62 threatens CAKE price with a temporary pullback.

Key Points:

• A bullish morning star candle pattern forming above $4.05 support. Indicate price suitability at higher levels.
• A potential crossover between the 50-and-100-day EMA would encourage coin buyers to resume a bullish recovery.
• Intraday trading volume in the Litecoin coin is $53.9 Million, indicating a 29.5% loss.

Source- Tradingview

The pancakeswap coin price has shown a direction rally since the beginning of 2023. During the bull run, this altcoin surged 42% from the January 1st low of $3.15 and reached its current price of $4.47.

However, over the past four days, the daily chart showed several higher price rejection candles at local resistance of $4.62, indicating the sellers are aggressively defending this barrier. Thus, if the selling pressure persists, the coin price is poised for a minor consolidation or pullback. 

The potential correction could prolong a sideways trend above the $4.3 mark or plunge it to $4.05 support.

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However, as the overall trend remains bullish, the pancakeswap coin can use this correction to recuperate bullish momentum and offer a pullback opportunity. Thus, in the coming week, the coin price showing sustainability above $4.05 is important for coin holders.

Anyhow, a bullish breakout from $4.62 will hint at the resumption of the bullish trend.

Technical Indicator

Relative Strength Index: the daily RSI slope moving high in bullish territory accentuates the buyer’s hold trend control 

EMAs: the 200-day EMA wavering near the $4.35 level could offer strong support to CAKE price

Pancakeswap Coin Price Intraday Levels

• Spot rate: $4.534
• Trend: Bullish
• Volatility: High
• Resistance levels- $4.66 and $5.1
• Support levels- $4.36 and $3.55