Pancakeswap Token Price At A Make-Or-Break Point; Should You Hold?


Posted 8 hours ago

The well-known crash of the cryptocurrency exchange FTX caused a sudden bloodbath on satoshi street. As a result, the price of Bitcoin and Ethereum is down 10-15%, and the leading altcoin is painted a deep red. Furthermore, the Pancakeswap token price is aiming to break its steady uptrend with the loss of the ascending support trend line.

Key points:

  • Volatile Pancakeswap token price attempts to break its five-month support trend
  • Coin holders miss the crucial 20, 50 and 100 EMA support)
  • The intraday trading volume on the Litecoin coin is $145.3 million, indicating a gain of 127%.

Pancake Exchange Token PriceFont-business view

The PancakeSwap token price has witnessed a steady rally over the last five months. From the 2022 low of $2.5, the rally to the upside has doubled the of altcoins market value as it tops out at $5.

Additionally, the technical chart is showing an ascending support trend line that has been actively supporting the bull run during the occasional pullback. Therefore, the various reassessments of this rising trendline indicate that trading is strictly respecting this support.

On the other hand, the buyers are struggling to maintain psychological resistance above $5. Thus, the PancakeSwap token price resonating between the support trend line and a stiff horizontal resistance creates a narrow range movement.

The price spread is gradually narrowing within the range and will soon reach a point in the no-trade zone. However, with the FTT price crashing, the crypto market is facing a sell-off which increases the possibility of a trendline breakout.

Therefore, a daily candlestick closing below the uptrend line will release bearish momentum and trigger a significant correction in CAKE price. Therefore, a potential breakout could sink prices to the immediate support at $4.2.

technical indicator

Relative Strength Index: the daily RSI the slope dipped into bearish territory, indicating negative sentiment on growth amongst market sentiment.

EMA: With the recent drop, the price of the PancakeSwap token broke above the crucial EMAs (20, 50 and 100), offering an additional advantage for sellers in the market.

  • Resistance Levels: $4.5 and $5
  • Support levels: $4.2 and $3.5

I have been working in journalism for 5 years. I follow Blockchain and Cryptocurrency since last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech to me on brian (at) coingape.com

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The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication bears no responsibility for your personal financial loss.

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