PancakeSwap(CAKE)/USDT Technical Analysis: 16 December 2021

PancakeSwap(CAKE)/USDT Technical Analysis at a Glance

Pancake Swap since its inception in the world of cryptocurrencies maintained its kingly figure by maintaining a notable rally at required times. After ranging as high as $44 the asset dropped heavily below $10. Therefore raising many concerns over the upcoming rally. However, the CAKE price has attempted to break through the downtrend and continues to do so until its success

Currently, CAKE price is testing one of the important zones which are pretty mandatory to keep up the uptrend. No doubt the price has just flipped from the bearish divergence, yet to validate with the uptrend, it needs to test and clear the upper resistance of the channel. However, still, the fear of a short reversal or correction haunts the rally, yet the asset could still undergo a notable rally after clearing these important levels.

Pancake Swap Technical Indicators

CAKE crypto is buckling up hard to test the crucial resistance levels around the current price zone. These levels appear pretty important to clear as a substantial uptrend may be cemented and hence the asset could build up huge momentum to rally high. However, the bearish divergence still haunts the rally, yet the strength of the asset may clinch the bears into a small time frame. 

Bollinger Bands

The PancakeSwap crypto price which the fresh reversal has bounced from the lower bands and heading towards the upper zone of the Bollinger Band signifying a bullish trend. However, in the short term, the price is hovering around the middle bands of the pattern indicating a sideways trend. 

MACD

In the long term, MACD was quite bearish for more than a month until the recent flip which displays a decent buying volume being accumulated. Yet the volume is still below the average and hence a short term pullback may be in place. However, in the short term, the MACD is much bearish showcasing a notable selling pressure being accumulated. Moreover, the bearish trend could continue for some more time before a flip.

Moving Averages(MA)

In the short term, the CAKE price has found strong support over the 50-day MA and rebounds on hitting these levels. Yet the 200-day MA appears to be the strong support levels around $11 to $12 in case of yet another crash. Conversely, in the long term, both the averages act as a strong resistance zone which may ignite a strong rally ahead.

Relative Strength Index(RSI)

The RSI which shows the strength of the rally is attempting to rise towards the upper resistance zone in the long term. Yet a minor divergence is seen which is speculated to be short-lived. In the short-term, the RSI is hovering along with the middle ranges and hence the price may chop around the same levels for a couple of days before deciding the next leg. 

Pancake Swap (CAKE) Technical Analysis for the Week

The CAKE price initiated the weekly trade being confined within a narrow region. However, the asset received enough boost quickly that broke the consolidation but also fell deep into a bearish trap within a few hours of the jump. However, the past couple of days appeared to be pretty bullish and the volume also increased notably. 

Source: Tradingview Date: 16-12-2021 Time: 03:45pm

• The CAKE coin price is attempting to test the neckline of the formed double bottom pattern at $13.45 from the last trading day.
• However, it appears that the breakthrough of these levels may be a tedious and time-consuming job as the selling volume outpowers the buying at the present day’s trade.
• Yet after consolidating for some time, the asset could range high to break the consolidation and achieve the next important resistance levels in between $14.6 to $14.9. This is when the asset may get exhausted a little but it could be a short-lived one.
• After a minor retracement, the price could resume with the uptrend to hit the mandatory resistance levels around $18. 

Additional Read: Pancake Swap Price Prediction

Technical Analysis of Pancake Swap(CAKE) : 16 December 2021

PancakeSwap price began the previous day’s trade on a bullish note and ended it on a bearish note. The asset maintained its bullish streak along the early trading hours and began shedding gains from the past couple of hours. No doubt the CAKE coin is attempting to regain its lost positions close to $13.4, yet it appears that it may take a few hours more to reach out. 

The CAKE price today is around $12.90 with a slight jump of 0.64% compared to the previous day close. Indicating the bullish momentum coming up that may escort the price towards the neckline or the immediate resistance around $13.45.However, it may be time-consuming but the daily close may be registered around these levels. 

Where to buy PancakeSwap (CAKE)

PancakeSwap (CAKE), the native token of the PancakeSwap network gained huge attention while Ethereum was cornered with the soaring gas fees. And hence the token has been listed on many popular exchanges. However, if you want to invest in PancakeSwap and also want to know how you can buy CAKE tokens in India, then CoinDCX is the one-stop solution for all. 

CoinDCX  is India’s most trusted, secure platform which offers a wide range of crypto assets to deal with. The trading experience on the CoinDCX app is pretty simple and easy to understand. 

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