PancakeSwap (CAKEUSD) to Resume an Uptrend Soon
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PancakeSwap (CAKEUSD) Price Forecast: February 14
D2TUSD price is about to resume an uptrend after completing the low dips. The coin will rise soon and there is a possibility for the pair to experience another bullish reversal price action and the price could be ready very soon for another upward move potential. If the forces from buyers in the market should increase and the current support level at $3.879 holds, the coin price may possibly rise to reach the $6.000 high value and beyond.
Key Levels:
Resistance Levels: $4.000, $4.500, $5.000
Support Levels: $3.300, $3.200, $3.100
CAKE (USD) Long-term Trend: Bearish (Daily Chart)
CAKEUSD indicates a downward trend with a bearish sentiment in its long-term perspective. The coin is trading below the two EMAs; which means that it’s in a bearish market zone at the moment.
The price drop to the $4.137 low value during the previous action has made the coin price trade below the supply levels. This will soon be invalidated as the market is oversold already.
The bearish pressure further dropped the coin price down to the $3.879 support value below the moving averages as the daily chart resumes today. Further, investors who buy the coin during a massive drop will also make gains in the future.
Meanwhile, further downsides are unlikely as the market price of PancakeSwap has reached the oversold region. The coin will resume an uptrend soon, so we can now grow in confidence that a potential buyer is coming near. Thus the upcoming bullish race might possibly reach the $6.000 high level in the days to come in its long-term outlook.
CAKE (USD) Medium-term Trend: Bearish (4H Chart)
The currency pair is trading in a bearish market in its medium-term outlook. This is due to the high influence of the sell traders. The bearish pressure at the $4.148 support level in the past few hours has made the coin stay below the supply trend levels.
The market price of CAKEUSD which dropped down to the $3.879 low level below the moving averages suggests a downtrend in the context of the strength of the market. Thus, should the bulls increase their buying pressure and challenge the bears at the mentioned support value, the coin price could turn upside to retest the $4.717 previous high.
Next, the pair has fallen to level 5% of the daily stochastic. It indicates that the pair is now in the oversold region of the market. It implies that the selling pressure is likely to run to an end.
We will now be looking into the emergence of buyers in the oversold region of the market. If this is achieved, the price of PancakeSwap might turn upside to hit the $6.000 resistance level in the days ahead in its medium-term outlook.
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