The Pancakeswap price analysis shows that the cryptocurrency is following a bullish trend after a period of crashing declines. As a result of the price increase, the coin value has increased to $2.74. The price has been steadily on the rise since yesterday, as the bulls got the driving seat back. The bullish momentum was slow yesterday, but it strengthened today as a significant increase in price was observed. Although there has been some resistance from the bearish side, the price has been moving fairly uniformly.
CAKE/USD 1-day price chart: Following a recovery, CAKE rises to $2.74
The one-day PancakeSwap price analysis shows that bullish activity is taking place, as the price has improved significantly. Price growth began on April 26, 2023, and as of today, it has reached a level of $2.74. If we move on towards the moving average (MA) indicator, then its value is going $3 for the day. The coin has gained 3.24 percent over the past 24 hours, but it reports a steep loss of 17.53 percent over the past week. The CAKE/USD trading volume has also increased by nearly 40 percent as well.
The Bollinger bands indicator now displays the following values: $3.34 on average, $4.10 on the top end, and $2.58 on the lower end. The indicator suggests high volatility on a daily basis. The Relative Strength Index (RSI) score has undergone improvement because of the bullish trend and has reached index 24, but it still predicts CAKE to be undervalued at the moment.
PancakeSwap price analysis: Recent developments and further technical indications
The price is going down once again, as can be confirmed from the four-hour Pancake Swap price analysis. The market is currently exhibiting a bearish tendency, despite the fact that an upswing in price had been followed earlier. The price levels have decreased to $2.74, which has caused problems for the buyers. The price is still above the moving average, which is located at the $2.69 level.
Although volatility has significantly decreased, this is not a promising sign for the future. In the end, the lower Bollinger band is at $2.55, and the upper Bollinger band is now at $2.79. The RSI curve has descended down to 46 level in the last four hours. However, the trend for the day is still bullish despite the current correction.
PancakeSwap price analysis: conclusion
The bullish momentum has recovered, as confirmed by the one-day and four-hour PancakeSwap price analysis. Although the cryptocurrency went through a decline earlier this week, the bullish momentum has been revived, and the bulls are now progressing swiftly. The price can be maintained at $2.74 position if the support levels remain firm. The price may go down in the upcoming hours as the four-hour prediction is dictating a drop in price.
