PanCake Price Prediction: CAKE Price Remains Pressured Below $8.0; Is Bounce Back On Cards?

Rekha chauhan
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CAKE token

CAKE price continues to trade sideways for the past three-session following a dull start to a fresh trading week. The price hovers near the multi-week support area at around $7.50. In the April series, CAKE price remains in the downswing trailing the broader crypto space fall with a descent of nearly 36%.

  • CAKE price continues to trade in a tight range with no clear directional bias.
  • A decisive break above $8.0 could bring more gains in the price.
  • The ascending trend line from the lows of $5.24 acts as a support for the bulls.
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CAKE price slides into a consolidation

On the daily chart, the ascending trend line from the lows of $5.24 acts as a strong support barrier to the bulls. Further, the price attempted to challenge the 50-day EMA (Exponential Moving Average) at $8.03. Further, a renewed buying pressure could push the price to move in the north direction.

Source: Trading View

By analyzing the trend on the daily chart, we found CAKE is harboring a strong support zone around $7.5. The price surged 67% to the swing highs of $10.42. But the bulls failed to extend the gains and retraced lower, the formation of multiple Doji candlesticks indicates the price could bounce back from here.

If that happens, the first upside challenge could be at a psychological $8.0 followed by the horizontal resistance level at $9.69.

While things look optimistic for CAKE so far, still a spike in the selling orders could reverse the prevailing trend. The price could fall back to recapture the bullish trend line at $7.08. Further, if the slope line is broken we could see the lows of March 26 at $6.86.

The Relative Strength Index (RSI) is trading near 42. The indicator slips below the average line on April 25.

The moving average convergence divergence (MACD) hovers below the midline with decreasing bearish momentum.

As of press time, CAKE/USD reads at $7.62 with gains of 1.06% for the day.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.