In this PancakeSwap technical analysis, we will examine the current price action, trading volume, key levels and indicators for CAKE-USDT. PancakeSwap is a decentralized exchange (DEX) built on the Binance Smart Chain that allows users to trade cryptocurrencies in a trustless and permissionless manner. The platform utilizes a unique liquidity pool model, which incentivizes users to provide liquidity through a mechanism called “Syrup Pools.” This approach has helped PancakeSwap become one of the largest decentralized exchanges in the cryptocurrency market.
PancakeSwap Price Overview:
As of September 22, 2023, PancakeSwap is trading at approximately 1.15 USDT. Let’s dive into the detailed price action for CAKE-USDT:
| Metric | Value |
|---|---|
| Open (O) | 1.146 |
| High (H) | 1.155 |
| Low (L) | 1.14 |
| Close (C) | 1.15 |
| Volume (C) | 1,112,543.82 |
- Open (O): The opening price for today’s trading session was approximately 1.146 USDT.
- High (H): PancakeSwap reached a daily high of around 1.155 USDT.
- Low (L): The daily low for CAKE-USDT was approximately 1.14 USDT.
- Close (C): At the time of analysis, PancakeSwap is trading near its daily close of 1.15 USDT.
| Metric | Value |
|---|---|
| 1D Change (%) | 0.35% |
| 3D Change (%) | -2.95% |
| 7D Change (%) | -1.46% |
| 30D Change (%) | -9.59% |
| 90D Change (%) | -19.07% |
| YTD Change (%) | -63.78% |
Over the past three days, CAKEUSDT has decreased by approximately -2.95%, showcasing increased market volatility. Throughout the last week, it continued to drop, with a loss of around -1.46%, indicating investor interest. The 30-day analysis reveals a more comprehensive perspective, with CAKEUSDT maintaining a downward trend of approximately -9.59%, despite intermittent fluctuations. Examining the last 90 days, CAKEUSDT has witnessed substantial decline of approximately -19.07%, reflecting strong long-term confidence. Year-to-date, CAKEUSDT has steadily declined by around -63.78%, attracting both institutional and retail investors and highlighting its potential as a long-term investment.
PancakeSwap Live Chart:
You can access a live price chart for CAKE-USDT on various cryptocurrency market websites or trading platforms. These charts provide real-time data, allowing you to track price movements and indicators as they evolve.
Price Volatility and Momentum:
- Volatility score is 0.27478.
- Momentum score is -0.09591.
CAKE USDT Technical Analysis
PancakeSwap Trading Volume:
The trading volume for PancakeSwap (CAKE) over the past 24 hours has been insignificant, with approximately 1,112,543.82 USDT traded against CAKE. Elevated trading volume often indicates increased market activity and can be an essential factor to consider in technical analysis.
Moving Averages:
- 50-day Simple Moving Average (SMA): CAKE is currently trading below the 50-day SMA, indicating short-term bearish momentum.
- 200-day Simple Moving Average (SMA): PancakeSwap is also trading below the 200-day SMA, indicating a negative long-term outlook.
Relative Strength Index (RSI):
- The RSI30 for CAKE-USDT is currently in the low zone, around 34.35953. This suggests that PancakeSwap is in bearish territory.
Analysis from TradingView:
Our Key Takeaways:
PancakeSwap (CAKE-USDT) is currently exhibiting signs of short-term bearish momentum, with key support and resistance levels in focus. Traders and investors should closely monitor the USDT monthly resistance level and the USDT support level for potential trading opportunities. Additionally, the low RSI and insignificant trading volume are low signals for potential downward movement.
Disclaimer: The information provided herein, including any technical analysis of cryptocurrencies, is for informational and educational purposes only. It should not be considered as financial advice or a recommendation to buy, sell, or hold any cryptocurrency or make any financial decisions.
Cryptocurrency markets are highly volatile and speculative. Past performance is not indicative of future results, and there are no guarantees of profit or protection against losses. Cryptocurrency investments are subject to significant risks, including but not limited to market fluctuations, regulatory changes, and technological vulnerabilities.
Technical analysis involves the use of historical price and volume data, patterns, and indicators to make predictions about future price movements. It is a subjective and speculative approach to market analysis and should not be the sole basis for making investment decisions.
