Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice PancakeSwap traded within a range over the past two weeks The token did not have strong demand behind it, hence a waving of selling could cause the token to plunge sharply PancakeSwap [CAKE] witnessed reduced […]
faced resistance in the $17.3k region, and the crypto market saw neutral momentum over the past couple of days. Should PancakeSwap see a surge in the token prices, it would more likely offer a selling opportunity than a buying one.Source: CAKE/USDT on TradingView
Therefore we can conclude that, especially on lower timeframes, $3.96 was the level to beat for the bulls. A retest of this level as support can be bought targeting $4.12 as take profit. However, the Accumulation/Distribution indicator has been in a steady decline throughout the time CAKE traded in the aforementioned range. The Relative Strength Index was also near neutral 50 to show the lack of strong momentum.
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