PancakeSwap (CAKEUSD) Price Forecast: March 29
The market price of CAKEUSD may experience a possible reversal at the $3.70 support level to resume its upside moves soon. Should the bulls respond to the shift in the trend and push higher, the coin may likely reverse to the upside at the mentioned support to hit the $8.00 upper high level.
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 sustained bearish pressure at the $3.65 support value has made the crypto price drop below the supply levels.
The price of Pancake Swap found support at the $3.70 low value below the two EMAs as the daily chart opens today; this is a result of low bullish momentum. Thus, traders who buy the coin during the bearish market will also make gains in the future.
Meanwhile, there is a possibility for a price reversal at the mentioned support as the market now approaches the oversold region of the daily stochastic. This upcoming bullish rally may likely break up the $4.98 high mark which might possibly hit the $8.00 supply value in the coming days in the long-term outlook.
CAKE (USD) Medium-term Trend: Bearish (4H Chart)
The CAKEUSD pair is trading in a bearish market in its medium-term outlook. This is due to the high influence of the sell traders.
The bears’ high pressure on the crypto in the past few hours has dropped the price below the supply levels at its recent low.
The price drop to the $3.73 support value below the two moving averages as the 4-hourly chart resumes today is a result of low bullish momentum. However, traders can join the buying train at a lower rate and also make more gains in the future.
Next, the Pancake Swap market is in an upward direction on the daily stochastic, therefore, if additional selling power is prevented, the coin might possibly reverse to retest the $3.95 previous high which may drive the prices high to hit the $8.00 resistance value soon in its medium-term time frame.
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