PancakeSwap (CAKEUSD) Price Forecast: May 3
It is about time for the PancakeSwap price to reclaim its uphill movement. The cryptocurrency may likely finish the dip-lows and resume the upside move soon if the current support at the $2.503 value holds. Further, an increase in the bulls’ pressure may break up the $4.717 previous high and this may swing the price up to a $9.000 high level 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)
The CAKEUSD market is in a bearish trend in its long-term outlook. The market has been slowed down due to the interaction from the bears in the previous action.
Today, after hitting the $2.547 support value, the PancakeSwap price faces the lower support and dropped further to the $2.503 low value below the supply trend levels.
Meanwhile, the current price at a $2.503 low value below the supply trend lines has not stale the market condition of the crypto. Thus, traders who buy the coin during the bearish market will also make gains in the future.
Should the coin price turn up from the current support and jump above the $4.717 supply mark, the bearish thesis would get invalidated.
Additionally, the price of CAKEUSD might possibly swing up to retest its previous high of $4.717 value soon as the selling pressure has been exhausted. This will compel the bulls to resume the upward movement and in this case, the price might push higher to the $9.000 supply mark and beyond in the days ahead in its higher time frame.
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 $2.525 support level in the past few hours has made the coin stay below the supply trend levels in its recent low.
The market price of CAKEUSD which dropped to the $2.503 low level below the moving averages suggests as the 4-hourly chart opens today 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 $3.934 previous high.
In addition to that, the pair has fallen below the level of 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 look into buyers’ emergence in the oversold region of the market. If this is achieved, the price of PancakeSwap might turn upside to hit the $9.000 resistance level in the days ahead in its medium-term outlook.
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