PancakeSwap price analysis shows an extension of the current bearish run in place, as the token dropped 9 percent over the past 24 hours to drop below its earlier support at $1.5. CAKE has been in a downward trend since April 24 when price was at $3.3, and has since declined more than 45 percent. However, the current dip offers long-term investment opportunity at discounted prices for new traders. Hence, CAKE trading volume appeared to pick up heavily over the past 24 hours, increasing more than 125 percent. PancakeSwap occupies the 94th rank in the cryptocurrency market, with a market cap of $1,069,615,869.
The larger cryptocurrency market continued to descend downwards, with major cryptos recording downtrends across the board. Bitcoin dropped 2 percent to fall below the $26,000 mark, whereas Ethereum fell 5 percent to $1,700. Among leading Altcoins, Ripple and Cardano dropped 6 percent each, to $0.50, and $0.27, respectively. Meanwhile, Dogecoin recorded a heavy 11 percent downtrend to fall to $0.06, while Polkadot dropped 9 percent to $4.53.
PancakeSwap price analysis: Bearish technical indicators dominate 24-hour chart
On the 24-hour candlestick chart for PancakeSwap price analysis, price can be seen in a continued descent, forming a descending triangle pattern since the end of April. With price falling below the $1.5 support for PancakeSwap, the 9 and 21-day moving averages have also been dropped below in the process. Meanwhile, the crucial 50-day exponential moving average (EMA) also sits well above current price at $1.58.
The 24-hour relative strength index (RSI) for PancakeSwap price analysis also shows a turbulent downward movement, as it enters the severe oversold region at 28.71. The RSI shows low market valuation for CAKE, which is somewhat contradicted by the increased trading volume for the token. Meanwhile, the moving average convergence divergence (MACD) curve also confirms the bearish sentiment for PancakeSwap, as it forms a bearish divergence to move below the signal line.
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