PancakeSwap (CAKEUSD) Price Forecast: May 13
CAKEUSD price may likely reverse at the $1.87 level to resume its uptrend soon. The next price target might be the $9.00 supply mark. Should buyers increase their buying pressure and exchange hands with the bears at the $1.87 support value, the price action could turn upside to hit the $9.00 supply mark and beyond.
Key Levels:
Resistance Levels: $4.00, $4.50, $5.00
Support Levels: $3.30, $3.20, $3.10
CAKE (USD) Long-term Trend: Bearish (Daily Chart)
Due to the interference of sellers in the market at the moment, PancakeSwap is in a bearish trend move. The coin is trading below the two EMAs, which confirms its bearishness.
The coin has been having a series of moves by the bears in the past few days which have made the coin price drop below the supply levels in its recent low.
The price drop to the $1.87 low value below the two EMAs as the daily chart opens today is a result of low bullish momentum. Therefore if the current support holds and the bulls should increase their activities in the market, CAKEUSD price may likely reverse and face the upside more in its long-term view.
Furthermore, the coin now trades in the oversold region of the daily stochastic. It implies that the selling pressure is likely to end soon and possible reversal will most likely occur at the mentioned support. If this is achieved, the price of PancakeSwap might possibly rise to hit the $9.00 upper resistance level in the days ahead in the long-term perspective.
CAKE (USD) Medium-term Trend: Bearish (4H Chart)
Here on the medium-term outlook, CAKEUSD is showing a downward movement. The price bar is also showing below the two moving averages, indicating a bearish trend.
The coin price rebounded at the $1.87 supply value below the moving averages as the 4-hourly chart opens today. This indicates the return of the bulls to the market to dominate the price actions. Meanwhile, buyers can buy at a cheaper price and move the price of the cryptocurrency upward.
Hence, the market is oversold already; this will quicken the emergence of the bulls to move the price up to a significant level in the upside. In light of this, the next price target might be the $9.00 upper resistance value in the days ahead in its medium-term outlook.
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