Sellers opposed Buyers at $5.0 Level in the CAKE market
CAKEUSD Price Analysis – November 07
When sellers increase their momentum, price will break down the support level of $4.6 and the price may decrease to the support at $4.3 and $4.1 levels. In case buyers oppose the sellers at $4.6 level, PancakeSwap may increase and break up the resistance level of $4.8, which may increase to $5.0 and $5.5 resistance levels.
CAKE/USD Market
Key levels:
Resistance levels: $4.8, $5.0, $5.5
Support levels: $4.6, $4.3, $4.1
CAKEUSD Long-term trend: Bearish
PancakeSwap is bearish in the daily chart. Another cup with handle chart pattern is formed on the daily chart. The resistance level of $5.0 is tested twice as the top of the cup. The pull back that is going on in the daily chart is the formation of the handle of the cup. The resistance level of $5.0 is tested on 05 November. Daily bearish candles are produced and the price is currently testing the support level of $4.6.
Pancakeswap is crossing the 9 periods EMA and 21 periods EMA downside which indicate a bearish momentum. When sellers increase their momentum, price will break down the support level of $4.6 and the price may decrease to the support at $4.3 and $4.1 levels. In case buyers oppose the sellers at $4.6 level, price may increase and break up the resistance level of $4.8, which may increase to $5.0 and $5.5 resistance levels. The relative strength index period 14 is at 54 levels with the signal line pointing down to indicate sell signal.
CAKEUSD medium-term Trend: Bearish
PancakeSwap is bearish in the 4-hour time frame. CAKE bounced up from the support level of $4.3 on 26 October. The bullish movement commenced which led to the breaking up of the $4.6 level. The bullish momentum has pushed the price to the resistance level of $5.0. The just mentioned level was tested twice. At the moment, price is retracing towards the support level of $4.3.
PancakeSwap is trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Indicator period 14 is at 44 levels exhibiting sell signal.
