Volume Action Hints Temporary Correction In Pancakeswap Token; Buy Now?
Along with choppy market sentient, the pancakeswap token remained sideways for the past two weeks. However, this consolidation shows price sustainability above $3.7 support, offering a recovery opportunity to the coin holders. Thus, will we experience further growth in Pancakeswap, or will the downtrend continue?
Key points:
- A bullish reversal from the $3.73 support is set to reach $4 under a favorable bullish scenario
- The 20-day EMA moving near the $4 may encourage sellers to resume the prevailing downtrend.
- The intraday trading volume in the Litecoin coin is $26.5 Million, indicating a 24% gain.
Source- Tradingview
Amid the crypto market’s widespread sell-off, the PancakeSwap token price reverted from the $5 psychological resistance and breached a long-coming support trendline. This sudden downfall tumbled the prices by 26% to hit the $3.733 local support.
However, trying to sustain the lower level, the prices went sideways after this downfall. During this consolidation, the PancakeSwap token price rebounded twice from this $3.73 support, indicating that buyers are defending this level.
In the past three days, the altcoin surged 3.5% and currently trades at the $3.88 mark. Moreover, this downfall was backed by decreasing volume, indicating this pullback is temporary.
Thus, with sustained buying, the coin price should rise another 5.5% to face the immediate supply zone of $4-$4.1. Furthermore, a bullish breakout from $4.1 resistance encourages buyers to further price recovery.
However, if the prices remain below the $4 resistance, the ongoing consolidation will extend for a few more trading sessions and poses a bearish threat of a downtrend resumption.
Technical. indicator
Relative strength index: a bullish divergence in the daily-RSI slope reflects the increasing buying actively near the $3.73 support.
EMAs: the downsloping EMAs(20, 50, and 100) assist sellers in maintaining a prolonged downfall.
PancakeSwap Token intraday price levels
- Spot price: $3.86
- Trend: Bullish
- Volatility: Medium
- Resistance Levels: $4-$4.1 and $4.3
- Support Levels: $3.733 and $3.55
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