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PancakeSwap price analysis: CAKE fails to recover after dropping below $1.5

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TL;DR Breakdown

. PancakeSwap price dropped another 6 percent today
. 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.

Screenshot 2023 06 12 at 9.11.41 PMPancakeSwap price analysis: CAKE fails to recover after dropping below <img decoding=
PancakeSwap price analysis: Source: Coin360

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.

CAKEUSDT 2023 06 12 21 14 37PancakeSwap price analysis: CAKE fails to recover after dropping below <img decoding=
PancakeSwap price analysis: 24-hour chart. Source: Trading View

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.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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