PancakeSwap price analysis continues to show a bearish trend in place, as price struggles to beat the previous support zone at $1.5, which is now the resistance. CAKE has been trading horizontally for most of this week, with price dropping another 3.5 percent over the past 24 hours to move as low as $1.342. As bearish control looms large, CAKE trading volume has recently been on the up consisting majorly of seller action. PancakeSwap is the 94th ranked cryptocurrency in the crypto market with a market capitalisation of $1,014,955,687.
The larger cryptocurrency market continued to retain a bearish outlook, with Bitcoin declining further towards the $25,000 mark with a 3 percent decline, and Ethereum dropping 5 percent to $1,600. Among leading Altcoins, Ripple suffered a massive 8 percent loss to move down to $0.47, while Dogecoin lost 2 percent in moving as low as $0.06. Cardano receded by 4 percent to $0.26, whereas Polkadot remained at yesterday’s price of $4.57.
PancakeSwap price analysis: Price could lower to $1 support on daily chart
On the 24-hour candlestick chart for PancakeSwap price analysis, price can be seen receding perpetually since the start of June, lowering more than 20 percent from the $1.74 price level. The current trend suggests a sideways pattern taking shape, while price continues to sit below the 9 and 21-day moving averages, as well as the crucial 50-day exponential moving average (EMA) at $1.45.
The 24-hour relative strength index (RSI) can be seen slightly rising over the past 24-48 hours to move up to the 29 mark. While this shows increased market valuation for CAKE, price could be expected to revisit the $1 support at current trend before picking back up. Meanwhile, the moving average convergence divergence (MACD) curve continues to form a bearish divergence, with the trend line dropping below the signal line for PancakeSwap price analysis.
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