PancakeSwap price analysis shows a slight uptrend in place for the token, as it finally looks to break the bearish hold in place. Price moved up by 2 percent over the past 24 hours, recording a high of $1.38. CAKE is chasing towards the $1.5 resistance point, which was last achieved on June 10. Since then, bearish technical indicators have dominated trade for PancakeSwap, with trading volume falling massively over the past week. Similarly, owing to the bearish run in place, CAKE market capitalisation has dropped down to $1,026,096,628.
The larger cryptocurrency market showed minor uptrends similar to PancakeSwap, as Bitcoin moved up to $25,500 with a 2 percent increment. Additionally, Ethereum also rose past $1,600 with a 2 percent incline. Among leading Altcoins, Ripple dropped 3 percent to move down to $0.46, whereas Cardano moved down to $0.25 following a 2 percent decline. Meanwhile, Dogecoin moved up to $0.06, and Polkadot dropped 1 percent to $4.32.
PancakeSwap price analysis: RSI shows upward movement on 24-hour chart
On the 24-hour candlestick chart for PancakeSwap price analysis, price can be seen trending in a sideways pattern since June 10, when a 12 percent decline took price down to $1.39. Since then, CAKE price has failed to test the resistance zone at $1.5 and a 2 percent increment over the past 24 hours would be welcomed by bulls. However, price continues to stay behind the 9 and 21-day moving averages, as well as the 50-day exponential moving average (EMA) at $1.42.
The 24-hour relative strength index (RSI) shows upward movement to move past the 30 mark, after initially dropping as low as 27. Price is expected to continue to rise with the RSI. Meanwhile, the moving average convergence divergence (MACD) curve continues to show a bearish divergence, as the trend line can be seen following the signal line for PancakeSwap price analysis.
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