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Bulls may continue pushing up the CAKE

CAKEUSD Price Analysis – August 31

In case the bulls push up the CAKE, it will be confronted by the barriers at $4.20, $4.66 and $5.01 resistance levels. Should the bears increase their momentum and penetrate the support level at $3.70, the support levels of $3.49 and $2.84 may be tested.

CAKE/USD Market

Key levels:

Resistance levels: $4.20, $4.66, $5.01

Support levels: $3.70, $3.49, $2.84

 

CAKEUSD Long-term trend: Bearish

PancakeSwap is bearish in the daily chart. The Crypto started a bearish trend when it reaches the resistance level of $4.66 on August 08. The bullish momentum failed and sellers gained more pressure. In other words, United State Dollar gained more strength and this led to the fallen of the PancakeSwap. The support level of $3.49 was tested on August 19. It pulled back and retested $4.20 resistance level. At the moment, Sellers are gaining more strength and price may fall.

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PancakeSwap is trading between the 9 periods EMA and 21 periods EMA which indicate an increase in the bears’ momentum. In case the bulls push up the price, it will be confronted by the barriers at $4.20, $4.66 and $5.01 resistance levels. Should the bears increase their momentum and penetrate the support level at $3.70, the support levels of $3.49 and $2.84 may be tested. Meanwhile, the relative strength index period 14 is at 53 levels with the signal line parallel to the level indicate a low momentum sell signal.

 CAKEUSD medium-term Trend: Ranging, The Outlook on Tamadoge Is Bullish

PancakeSwap is on the ranging mode in the 4-hour time frame. Buyers lost momentum at the resistance level of $4.66 level. Due to low momentum of the bulls, the price decreased to $3.49 level. It pulled back to retest the resistance level of $4.20. At moment, the price is ranging within the previous low of $3.70 level and $4.2 levels.

PancakeSwap is trading over and around the 9 periods EMA and 21 periods EMA. The Relative Strength Indicator period 14 is at 52 levels exhibiting no specific direction.



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