TL;DR Breakdown
. Price failed to recover after falling below $1.5 support
. Technical indicators continue to show bearish trend in place
PancakeSwap price analysis continues to show a declining trend in place for the token, as price dipped further below its previous support zone at $1.5 over the past 24 hours. CAKE dropped as low as $1.31 today, recording a further 6 percent decrement from yesterday’s price. The token has continued to decline since June 5, when price was at $1.73, and remains bearish. However, trading volume for PancakeSwap continues to pick up, showing both buyer interest and large-scale sell offs. Trading volume picked up more than 131 percent over the past 24 hours, with market cap falling down to $995,780,852.
The larger cryptocurrency market also continued to stay bearish, with Bitcoin dropping below the $26,000 mark with a 1 percent decline, whereas Ethereum dropped 2 percent to $1,700. Among leading Altcoins, Ripple incurred a minor decrement to move down to $0.52, while Cardano dropped to $0.27. Meanwhile, Dogecoin dipped 2 percent to $0.63, and Polkadot to $4.52.
PancakeSwap price analysis: RSI drops deeper into oversold region on daily chart
On the 24-hour candlestick chart for PancakeSwap price analysis, price can be seen embarking on a descending triangle pattern since the start of June, having dropped more than 24 percent since June 3. With the current decline in place, CAKE has dropped well below its 9 and 21-day moving averages, while the crucial 50-day exponential moving average (EMA) continues to sit well above current price at $1.54.
The 24-hour relative strength index (RSI) also continues to support the bearish sentiment, showing decreasing market valuation at 25.53. The severe dip in the RSI has taken it into the oversold region, suggestive that the bearish trend is set to continue. Meanwhile, the moving average convergence divergence (MACD) curve also shows a bearish divergence in place, with the trend line crossing below the signal line at current trend.
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