PancakeSwap (CAKEUSD) Price to Face Buying Pressure Soon

PancakeSwap (CAKEUSD) Price Forecast: March 8
PancakeSwap price is likely to face high buying pressure soon. The coin may likely reverse and face the upside if all the current support holds in place, the price might possibly rise to retest the $5.086 resistance level and the critical level of $8.000 at the upper resistance might be the target.

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)
CAKEUSD is in a bearish market zone in its long-term outlook. The market value has dropped due to the bearish impact of the $3.749 low value during yesterday’s session. However, the market is presently facing resistance at the recent high.

The price responded to the shift in the market structure and is currently below the moving averages at the $3.775 supply value on the daily chart. Hence, should the bulls exchange hands with the sell traders and close above the $5.086 resistance value, additional intraday gains would be recorded for the buy investors.

Hence, PancakeSwap is at the oversold region of the daily stochastic, this means that the selling pressure has ended, so the currency pair is set to be stronger in the coming days and likely face high buying pressure which might possibly reach the $8.000 upper resistance value in its long-term outlook.

CAKE (USD) Medium-term Trend: Bearish (4H Chart)
The currency pair is in a downward move in its medium-term outlook. This is because the short traders are more actively involved in the order flow.

After a series of moves by the sell investors, the CAKEUSD price rebounded at the $3.774 supply level below the two EMAs as the 4-hourly chart opens today.

Despite the negative moves, the pair is set to turn upside as indicated by the daily stochastic which is pointing in an upward direction. This will actually compel the bullish pressure to resume soon and the $8.000 fundamental level in the upper resistance area might be reached in its medium-term time frame.

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