PancakeSwap (CAKE) Price Prediction : Will the CAKE price be able to reward the investors in 2023 ?
- PancakeSwap price reclaim 50 day EMA and formed a bullish reversal pattern
- CAKE Token price formed a double bottom pattern and trying to breakout of a $4.00 supply zone
- PancakeSwap Token price recovered 20% approx from the recent lows at $3.128 and formed a higher high candles.
PancakeSwap crypto price is trading with mild bullish cues and bulls are trying to hold the prices above the 50 day EMA but it seems prices are lacking momentum on the higher levels and need minor corrections. Currently, CAKE/USDT is trading at $3.709 with an intraday gains of 0.68% and the 24-hour traded volume at 43.2M
Will PancakeSwap price break $4.00 in the coming month ?
Source : CAKE/USDT daily chart by Tradingview
On a daily time frame, PancakeSwap token price is reversing upward with the positive momentum and bulls succeeded to reclaim above the 50 day EMA shows the confidence of CAKE investors. In the mid of December, prices broke down the important support level at $3.600 which triggered the negative sentiment but luckily bulls managed to defend the $3.000 level and prices recovered 20% approx from the recent lows.
CAKE token price has formed a double bottom pattern which indicates the initial signs of trend reversal but the confirmation will come when prices will be able to break out of $4.000 hurdle level. However, if bulls are able to sustain above $4.000 hurdle level, we may see further upward movement towards $5.00 in a short span of time. The 200 day EMA (green) sloping down indicates the positional trend is still in the bear grip but buyers seem to be more aggressive and likely to approach the 200 day EMA in the coming months.
The PancakeSwap token price had shown strong recovery from the $3.114 level which might act as a short term demand zone and if any minor corrections trigger from the higher levels, it will provide a buying opportunity for the long term investors.The MACD curve has generated a positive crossover indicating prices may continue the upward momentum and the RSI curve at 64 denotes the strength of bulls and more room for upside is open.
Summary
The CAKE token prices are on slow and steady rise and bulls are trying to hold the prices above the 50 day EMA but the prices are near the supply zone and may face difficulty to break the $4.000 hurdle level.
The technical analysis suggests that the short term trend is in the favor of bulls and buyers seem to be confident at lower levels.Therefore, traders might look for buying opportunities for the target of $4.400 and above by keeping $3.000 as SL.However, if prices slipped below $3.000 bears may try to drag the prices down towards the $2.500 levels.
Technical levels
Resistance levels : $4.000 and $5.000
Support levels : $3.000 and $2.800
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
