$CAKE /USDT Showing Sideways Movement with Bearish Momentum

Hey everyone,

Let's take a look at the $CAKE /USDT chart. The current price of PancakeSwap is at $2.042, showing a decrease of -2.95% today.

Looking at the last 24 hours, CAKE ranged from a Low of $2.030 to a High of $2.116. The 24h Volume stands at 3.60M CAKE, which is equivalent to 7.42M in USDT.

The chart indicates that CAKE is currently trading sideways but with a noticeable downward trend in the short term. The price has broken below the middle Bollinger Band, which often suggests bearish momentum. The lower Bollinger Band could act as the next potential support level.

Traders will be watching to see if CAKE can find support around the lower Bollinger Band or if it will continue its downward trajectory. The MACD indicator at the bottom is showing increasing bearish momentum, supporting the current price action.

Key points to observe:

Resistance: The middle Bollinger Band and the 24-hour high of $2.116 are the immediate resistances to watch.

Support: The lower Bollinger Band is the next potential support level.

Indicator: The price below the middle Bollinger Band and the increasing bearish momentum on the MACD suggest downward pressure.

What are your thoughts on PancakeSwap's current movement? Do you anticipate it will reach the lower Bollinger Band, or will it find support and potentially reverse? Share your analysis!

#Cake #USDT #Binance #Crypto #trading