Disclaimer: Төмөнкү анализдин жыйынтыгы жазуучунун жалгыз пикири жана инвестициялык кеңеш катары каралбашы керек.
- CAKE’s recent bearish pull propelled a rising wedge breakdown.
- The crypto’s open interest unveiled a slight bearish edge over the past 24 hours.
The recent buying endeavors pushed PancakeSwap [ТОРТ] above the constraints of the EMA ribbons as the price action continued to gradually grow.
Бул жерде AMBCrypto баасын болжолдоо PancakeSwap [ТОРТ] 2023-2024 үчүн
After rebounding from the $4.7-$4.8 range, CAKE witnessed an expected reversal from its reversal pattern. A sustained close below the EMA ribbons could aid the sellers in inducing an extended pulldown.
Басма сөз учурунда, CAKE акыркы 4.577 саатта 2.64% га төмөндөп, 24 долларга сатылды.
Can the $4.5 region support CAKE’s rebounding efforts?
After taking a U-turn from the $4.6 resistance in mid-October, the alt saw a solid pullback as the sellers re-entered the market. However, the rebound from the $4.3 support induced a buying rally above the EMA ribbons and the 200 EMA (green).
CAKE’s double-digit growth over the last two weeks aided the alt in retesting the $4.7-$4.8 resistance range. With the EMA ribbons swaying above the 200 EMA, the buyers could look to maintain their long-term edge.
A continued decline from the immediate resistance could find resting grounds at the $4.5-mark. A potential/ immediate reversal from this support could offer buying options. The first major resistance would lie in the $4.8 zone. Any close above this ceiling could carve a path for further gains.
Any decline below the immediate support could invalidate the near-term bullish inclinations by testing the 200 EMA.
The Relative Strength Index (RSI) exhibited a slight bearish inclination as it dropped below the midline. The buyers should look for a recovery above this level before placing calls. Nonetheless, the Chaikin Money Flow (CMF) maintained its spot above the zero mark.
Баа менен бирге Ачык пайыздын төмөндөшү
An analysis of the total CAKE Futures Open Interest revealed an 8.78% decline in Open Interest over the last 24 hours. Correspondingly the price action witnessed over 2.5% losses during the same time. This reading entailed a bearish sign for the near term.
The potential targets would remain the same as discussed. Finally, keeping a watch on the king coin’s movement could help make a profitable bet.
Source: https://ambcrypto.com/pancakeswap-gauging-cakes-ability-to-offer-entry-triggers-after-this-breakout/