PancakeSwap (CAKEUSD) to Swing up, Breakout Imminent
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PancakeSwap (CAKEUSD) Price Forecast: February 8
The market price of CAKEUSD might possibly swing up and a breakout is imminent as the crypto faces the upside. Based on the outlook, should the daily candlestick closes above the $5.081 supply mark, the correction phase will extend to meet the resistance at the $6.000 upper trend line.
Key Levels:
Resistance Levels: $4.000, $4.500, $5.000
Support Levels: $3.300, $3.200, $3.100
CAKE (USD) Long-term Trend: Bullish (Daily Chart)
CAKEUSD indicates an upward trend with a bullish sentiment in its long-term perspective. The coin is trading above the two EMAs. However, the market is presently facing resistance at the recent high.
The cryptocurrency has been having a series of higher highs and higher lows which has made it capable for the price to remain stronger in an upward trend in its recent high.
Earlier today, the bull run caused a rise in the price of PancakeSwap to a high at $4.525 level above the moving average. This current trend will enable the price to remain on the upside and rises or breakout to the upside. This however creates a strong area of interest for buyers.
Hence, with the price pointing upwards on the daily stochastic means that further upside is certain. It is therefore expected that the buy investors will move the price action up and may likely hit the $6.000 upper resistance level soon in its higher time frame.
CAKE (USD) Medium-term Trend: Bullish (4H Chart)
PancakeSwap remains in a bullish trend in its medium-term outlook. The bulls are really trying not to fall this time around. Further, the coin prices are traded above the moving average lines, this confirms a bullish trend.
The market price of CAKEUSD which increases from $4.426 to the $4.520 high level above the moving averages suggest an uptrend in the context of the strength of the market. Thus, closing the 4-hourly session above the $4.599 supply value will put the trade more on the buy side.
Hence, the pair pointing up on the daily stochastic means that the buying pressure may continue, and suggests a possible recovery of the $6.000 supply level in the coming days in the medium-term time frame.
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