PancakeSwap (CAKE) Price Nosedives to 7-day Low; Will the Support Hold?
- CAKE faces bearish pressure potential support level breach.
- A bullish rally above the $3.87 resistance could yield significant returns.
- Stochastic RSI indicates the possibility of a positive reversal in the near future.
Bullishness in the PancakeSwap (CAKE) market has ceased after bulls failed to breach the 24-hour high of $3.87. This retreatment resulted in a significant decline in the CAKE price, which sank to its 7-day low of $3.68 in only a few hours. At press time, CAKE was priced at $3.74, down 2.57% from the previous day’s close.
Continuing bear domination may shatter the support level at $3.68, triggering more selling pressure between $3.50 and $3.30. Owing to this anxiety, the market capitalization dropped by 2.73% to $684,673,513, indicating that investors are cautious and taking profits while waiting for a clear indication of a trend reversal or a new support level.
But, if bulls rally and break the $3.87 resistance level, the next resistance levels may be around $4.20 and $4.50. This move has the potential to yield large returns for those who can capitalize on the positive momentum. The 24-hour trading volume increased by 17.88% to $46,503,139,…
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