MEXCVolume 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
- Crypto Market Tumbles as Jerome Powell Says December Rate Cut ‘Far From Certain’
- FOMC Meeting: Federal Reserve Lowers Interest Rates by 25 Bps in Second Cut of the Year
- WLF Token Jumps 7% as Former Robinhood Counsel Joins Trump-Backed World Liberty Financial
- Changpeng Zhao “CZ” Warns Investors “Don’t Buy” Golden Statue Meme Coin After 27,000% Surge
- Markets Expect October Fed Rate Cut as Bitcoin Repeats Post-FOMC Pattern
- Ethereum Price Flips BTC in Strategy Shift, Eyes $4500 Level
- Expert Predicts XRP Price to Hit $10 as Elliot Wave, XRPR ETF Inflows Align
- HYPE Price Prediction as 21Shares Files S-1 for Hyperliquid ETF—Can Bulls Push HYPE to $60?
- Bitcoin Price Rally Bound? How the Fed’s Move May Unleash Crypto
- Can ASTER Price Rebound 50% as Whale Activity and Bullish Pattern Align?
- Pi Network Patterns Point to More Gains Despite Manipulation Claims
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.
