NewsletterPanCake Price Prediction: CAKE Price Remains Pressured Below $8.0; Is Bounce Back On Cards?
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.
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.
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.
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.
Premium Partners
Related Articles
- Hyperliquid Eyes HYPE Token Recovery with Massive Burn Proposal
- Bitcoin Crash Incoming? Peter Schiff Adds to Bearish Warnings as Gold and Silver Rally
- Bitcoin to Drop to $10K? Bloomberg Analyst Makes Bold Prediction
- U.S. Banks May Soon Issue Stablecoins as FDIC Proposes GENIUS Act Framework
- Breaking: U.S. SEC Ends Four-Year Investigation Into Aave Amid Ongoing DAO Saga
- Solana Price Outlook After Charles Schwab Adds SOL Futures — What Next?
- Pi Network Stares at a 20% Crash as Whale Buying Pauses and Demand Dries
- Here’s How Dogecoin Price Could Rise After Crossing $0.20
- Is XRP Price Headed for $1.5 as Whales Dump 1.18B XRP in Just Four Weeks?
- Bitcoin Price Weekly Forecast as Gold’s Surge Revives Inverse Correlation — Is $85K Next?
- Ethereum Price Risks $2,600 Drop Despite JPMorgan’s New Fund on its Network
