PancakeSwap (CAKE) is currently under consolidation. After the low of the market crash, PancakeSwap is oscillating with high volatility and the market being indecisive. At the time of writing, PancakeSwap stands at a price level of $18.50. The price has increased by 11% in the past twenty-four hours while the daily trading volume has declined by 10%. PancakeSwap stands at thirty-first place in the market in terms of capitalization – which has also increased by 12%.
PancakeSwap (CAKE) Technical Analysis
Despite the recent bullish divergence in the market, the market sentiment for cryptocurrency is bearish. Out of the total twenty-six technical indicators, ten are giving out a signal of the sell while nine stand at a neutral position and only five indicators are bullish with a buy signal. Out of the five bullish signals, four are from moving averages; however, the overall indication from moving averages also suggest a downtrend while the oscillators are neutral.
PancakeSwap has been identified to be operating in an upward channel formation. CAKE coin is expected to climb upwards in the channel after a period of consolidation. The price level of $15 is expected to be acting as a strong support level for CAKE crypto while the first major resistance lies at $19. If the CAKE coin is able to break the resistance at $19, it will activate the price target at $29.
PancakeSwap (CAKE) price prediction
In the long-term timeframe, PancakeSwap can prove to be an excellent investment opportunity although the short-term prospects are not bad either. According to the projections of Wallet Investor, the cryptocurrency is expected to be operating at $66 by the end of one year while the five-year forecast show CAKE at a staggering $250. Digital Coin Price is not that bullish on CAKE but bullish nonetheless. According to their estimates, PancakeSwap will be standing at $27 by the end of the year and at $84 in five years’ time.