PancakeSwap price analysis shows a continuation of struggles for the token, as price took another turn downwards over the past 24 hours. CAKE price fell down to $1.39 today, incurring more than 1 percent in decline. PancakeSwap price has kept bearish since the turn of the current month, and has kept below the current $1.5 resistance since June 10. Buyers would be hopeful of a swift uptrend, but CAKE could remain bearish in the long-run. Trading volume over the past 24 hours picked up 17 percent, but receding price suggests it mainly incurred selling action. CAKE market cap fell down to $1,042,145,529 over the past 24 hours.
The larger cryptocurrency market showed minor uptrends taking place across the board, as Bitcoin moved up to $26,700 with a 2 percent increment, while Ethereum increased up to $1,700. Among leading Altcoins, Ripple moved up to $0.49, whereas Cardano stayed at yesterday’s level of $0.26. Dogecoin price also retained the $0.06 mark, while Polkadot price went down 2 percent to lower down to $4.55.
PancakeSwap price analysis: CAKE forms sideways trend on 24-hour chart
On the 24-hour candlestick chart for PancakeSwap price analysis, price can be seen forming a horizontal trend around the $1.35 mark. Successive bearish candlesticks on the daily outlook signify the current state for the token, which has continued to keep below the 9 and 21-day moving averages since June 5. Meanwhile, the 50-day exponential moving average (EMA) sits just around current price below the $1.4 mark.
The 24-hour relative strength index (RSI) can be seen trending downwards once again over the past 24 hours, after initially making its way up to the 36 mark. The current RSI suggests low market valuation for CAKE, while the moving average convergence divergence (MACD) chart continues to show a slight bullish divergence in place, with the trend line keeping above the signal line at current price.
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