1. BITBILIHome
  2. Article

PancakeSwap price analysis: CAKE remains blocked below $1.5 resistance

• 167 views

TL;DR Breakdown

. CAKE price descended 3.5 percent over the past 24 hours
. Bearish control seen as price trends horizontally
. Support moved down to $1 mark

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.

Screenshot 2023 06 15 at 12.18.38 AMPancakeSwap price analysis: CAKE remains blocked below <img decoding=
PancakeSwap price analysis: Cryptocurrency heat map. Source: Coin360

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.

CAKEUSDT 2023 06 15 00 21 21PancakeSwap price analysis: CAKE remains blocked below <img decoding=
PancakeSwap price analysis: 24-hour chart. Source: Trading View

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.

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.

文章来源于互联网:PancakeSwap price analysis: CAKE remains blocked below $1.5 resistance

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年6月17日 21:11
Next 2023年6月17日 23:07

Related articles

  • FTX sues LayerZero Labs in a bid to recover $21 million amid bankruptcy

    TL;DR Breakdown FTX, a bankrupt cryptocurrency exchange, has sued LayerZero Labs to recover $21 million, alleging illicit withdrawals made just before FTX’s bankruptcy. The lawsuit also involves transactions with Alameda Ventures and focuses on a deal allowing Alameda Research to sell back a 5% stake in LayerZero. Bryan Pellegrino, CEO of LayerZero Labs, refutes the lawsuit’s claims, stating they are unsubstantiated. He suggests that FTX is prolonging the legal process to accumulate more legal fees. LayerZero had been trying to address share ownership issues with FTX’s liquidators for nearly a year. The lawsuit is part of a series of legal actions by FTX to recover lost funds. It follows a previous lawsuit by FTX to recover more than $320 million spent on acquiring Digital Assets AG. Both FTX and LayerZero are preparing for a protracted legal battle. Description Bankrupt cryptocurrency exchange FTX has filed a lawsuit against LayerZero Labs, a cross-chain protocol company, seeking to recover $21 million. The lawsuit alleges that LayerZero Labs illegally withdrew these funds just before FTX’s bankruptcy declaration in November. The case stems from transactions…

    Article 2023年9月11日

  • Hacker exploits vulnerability, drains $455,000 from DeFi protocol Arcadia Finance

    TL;DR Breakdown Hacker exploits code vulnerability in Arcadia Finance, draining approximately $455,000 from the DeFi protocol’s Ethereum and Optimism vaults. The breach highlights the need for improved input validation and reentrancy protection in decentralized finance platforms. The incident contributes to the growing number of cyber attacks in the crypto space, prompting concerns about security and the potential impact on the Optimism network’s revenue and future growth. Description Arcadia Finance, a noncustodial protocol supporting on-chain cross-margin accounts, fell victim to a cyber attack that resulted in the loss of approximately $455,000. However, the hacker exploited a code vulnerability, exposing a weakness in the platform’s validation mechanism. The vulnerability allowed unverified inputs to go unchecked, enabling the hacker to drain funds from Arcadia Finance’s … Read more Arcadia Finance, a noncustodial protocol supporting on-chain cross-margin accounts, fell victim to a cyber attack that resulted in the loss of approximately $455,000. However, the hacker exploited a code vulnerability, exposing a weakness in the platform’s validation mechanism. The vulnerability allowed unverified inputs to go unchecked, enabling the hacker to drain funds from Arcadia Finance’s…

    Article 2023年7月11日

  • Banks team up against tech giants – Details

    Description In the ever-evolving landscape of finance and technology, it seems the banking giants are finally rolling up their sleeves to take on the tech juggernauts. The emergence of Paze, a new mobile wallet, stands as a testament to the escalating tussle between age-old institutions and modern-day disruptors. The New Challenger: Paze Step aside, Big Tech. … Read more In the ever-evolving landscape of finance and technology, it seems the banking giants are finally rolling up their sleeves to take on the tech juggernauts. The emergence of Paze, a new mobile wallet, stands as a testament to the escalating tussle between age-old institutions and modern-day disruptors. The New Challenger: Paze Step aside, Big Tech. America’s banking behemoths, including JPMorgan Chase, Bank of America, and Wells Fargo, are gearing up to make waves in 2023 with the introduction of Paze. This mobile wallet isn’t just another fleeting financial experiment—it’s a deliberate strategy, driven by a consortium. Early Warning Services, the force behind the widely adopted payments app, Zelle, is at the helm. And with a direct line to the credit and…

    Article 2023年9月19日

  • Chinese yuan hits new low: BRICS brace for impact

    TL;DR Breakdown The Chinese yuan is nearing a 15-year low, which may impact the BRICS alliance and its developing currency. The upcoming BRICS summit will focus on the implications of the yuan’s fall, especially on the potential BRICS native alternative currency. The Chinese Central Bank promises to stabilize the yuan and increase support for the broader economy. Description As an unforgiving tide seems to sweep across China’s economic landscape, its currency, the yuan, teeters precariously on the brink of a 15-year trough. This plummeting trajectory of the yuan doesn’t only affect China, but it sends reverberations through the BRICS alliance, leaving the members bracing for the impending consequences. The undeniable impact on BRICS … Read more As an unforgiving tide seems to sweep across China’s economic landscape, its currency, the yuan, teeters precariously on the brink of a 15-year trough. This plummeting trajectory of the yuan doesn’t only affect China, but it sends reverberations through the BRICS alliance, leaving the members bracing for the impending consequences. The undeniable impact on BRICS The BRICS conglomerate, comprising of Brazil, Russia, India, China,…

    Article 2023年7月4日

  • Binance delists sanctioned Russian Banks from its peer-to-peer service

    TL;DR Breakdown Binance removed five sanctioned Russian banks from its peer-to-peer service to comply with international sanctions and regulatory standards. The move underscores the growing tension between cryptocurrency exchanges and global regulatory frameworks, with Binance aiming to bolster its legal standing. Description In a move that underscores the ongoing tension between cryptocurrency exchanges and global regulatory standards, Binance, one of the world’s leading cryptocurrency exchanges, has announced the delisting of five sanctioned Russian banks from its peer-to-peer (P2P) service. This decision comes amidst growing concerns over the potential misuse of the platform by Russian users to move … Read more In a move that underscores the ongoing tension between cryptocurrency exchanges and global regulatory standards, Binance, one of the world’s leading cryptocurrency exchanges, has announced the delisting of five sanctioned Russian banks from its peer-to-peer (P2P) service. This decision comes amidst growing concerns over the potential misuse of the platform by Russian users to move funds overseas, which could further complicate the exchange’s legal standing. Contents hide 1 A response to regulatory standards 2 Binance’s legal quandaries 3 The broader…

    Article 2023年8月26日
TOP