- Despite resistance at $4.30, CAKE remains under a bullish grip.
- Indicators suggest that bear dominance is on the horizon.
- According to CMF, traders are cashing out their gains.
Bearish efforts to capture market share for PancakeSwap (CAKE) found support at $4.11 in the previous 24 hours. Nevertheless, CAKE’s price rose to a day’s high of $4.30 on the back of the bullish control and is presently trading at $4.22, a gain of 1.51%.
Fear of bear capture caused the market capitalization to decline by 0.59% to $701,982,961. However, the market has remained optimistic, with traders looking to capitalize on the decline, as seen by a 69.41% increase in 24-hour trading volume, which now stands at $51,768,764. Due to the low entry price, this positive trend may continue, prompting investors to purchase the dip to take advantage of a good chance.
CAKE/USD 24-hour price chart (source: TradingView)
With a score of 4.2505513 for the upper Bollinger band and a score of 4.0933748 for the lower band, the 4-hour price chart for CAKE indicates a sideways trend. However, price movement towards the top range suggests that buyers may be gaining strength for an emerging bullish…
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