PancakeSwap

The post <a href="https://coinpedia.org/price-analysis/will-cake-price-regain-3-by-november-end/" rel="noopener noreferrer nofollow">Will CAKE Price Regain $3 By November End?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Amid the current market uncertainty in the crypto market, the bullish momentum in CAKE Price has started to wane around the $2.83 mark. The overhead supply is highlighted by long-wick rejection candles, Indicating the sellers may attempt to trigger a minor correction before the recovery rally continues.&nbsp;
However, a look at the 4-hour time frame chart shows the overall recovery trend is still intact under the influence of a rising wedge pattern, indicating the Cake price prediction is bullish for the near term.
<h2 class="wp-block-heading" id="h-chart-pattern-keep-recovery-intact">Chart Pattern Keep Recovery Intact</h2>
<figure class="wp-block-image size-large is-resized"><img decoding="async" width="1024" height="581" src="https://image.coinpedia.org/wp-content/uploads/2023/11/21170636/W1RmdN6q-1024x581.png" alt="CAKE Price" class="wp-image-247232" style="width: 100%;height:auto" srcset="https://image.coinpedia.org/wp-content/uploads/2023/11/21170636/W1RmdN6q-1024x581.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/11/21170636/W1RmdN6q-300x170.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/11/21170636/W1RmdN6q-768x436.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/11/21170636/W1RmdN6q-1536x871.png 1536w, https://image.coinpedia.org/wp-content/uploads/2023/11/21170636/W1RmdN6q-390x220.png 390w, https://image.coinpedia.org/wp-content/uploads/2023/11/21170636/W1RmdN6q-150x85.png 150w, https://image.coinpedia.org/wp-content/uploads/2023/11/21170636/W1RmdN6q.png 1946w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
Source- <a href="https://www.tradingview.com/x/W1RmdN6q/" rel="noopener noreferrer nofollow">Tradingview</a>
The PancakeSwap token entered an aggressive recovery mode in the third week of October as the price jumped from $1.05 to a recent high of $2.82, accounting for a total growth of 169%. This recovery aligned with a significant surge in volume and several pullbacks indicate sustainable bullish growth.&nbsp;
Furthermore, the 4-hour chart shows this recovery has started shaping into a rising wedge pattern While converging trend lines offer dynamic support and resistance. A recent reversal from the lower trendline of the wedge pattern has pushed the Cake token to the current trading price of $2.6.&nbsp;
If the bullish momentum persists within this structure, buyers may prolong this rally 20% higher to hit the $3.15 mark. Anyhow, a breakout above the overhead trendline would accelerate the buying momentum and push the cake token price to a potential target of $3.5 followed by $4.
Technical Indicators:
EMA: A golden crossover between the 50 and 200 days would boast buying pressure in this asset
ADX indicator: The daily ADX slope at 51% accentuates an exhausted recovery and higher potential for correction.
<h2 class="wp-block-heading" id="h-will-the-cake-price-fall-back-below-2">Will the CAKE Price Fall Back Below $2?</h2>
Until the rising wedge pattern is intact, the CAKE token price may prolong its upward trajectory. However, taking a pessimistic approach, a bearish breakdown below this lower boundary provides sellers with additional barriers to pressurize the coin recovery.&nbsp;
The post-breakdown fall would tumble the prices 30% down to retest the $1.8 support concluding with the 61.8% Fibonacci retracement level.

Will CAKE Price Regain $3 By November End?

Table of Contents

CoinPedia News

Other articles published on Nov 21, 2023

Santander Private Banking International Introduces Exclusive Crypto Services for High-Net-Worth C...

BLUR jumps 12% as Blur founder raises $20m for new L2 network

DePIN And RWA – What’s The Connection?

Bitcoin (BTC) Berpotensi Lanjutkan Reli ke US$40 Ribu, Nasib ETH Bagaimana?

This Is Who Pushed ChainLink (LINK) Price to Sky

AI’s Transition into a Cloud Workload

Join our free newsletter for daily crypto updates!