PancakeSwap

Reversal

The post <a href="https://coinpedia.org/price-analysis/cake-price-signals-bullish-reversal-at-2-should-you-buy/" rel="noopener noreferrer nofollow">CAKE Price Signals Bullish Reversal At $2, Should You Buy?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Concluding the bearish under the 50D EMA influence, the CAKE price sets a high-speed bull sprint after testing the psychological mark of $1. Breaking above the 50D EMA, the altcoin breaks multiple resistance levels and exceeds the 200D EMA.&nbsp;
Crossing the $2 mark, the PancakeSwap price reaches the $2.74 mark before taking a sharp pullback, accounting for a 160% jump before a setback. The downtrend approaches the psychological mark of $2 and accounts for a 22% drop in the last seven days.&nbsp;
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="480" src="https://image.coinpedia.org/wp-content/uploads/2023/11/28134716/CAKEUSD_2023-11-28_13-12-59-1024x480.png" alt="" class="wp-image-249321" srcset="https://image.coinpedia.org/wp-content/uploads/2023/11/28134716/CAKEUSD_2023-11-28_13-12-59-1024x480.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/11/28134716/CAKEUSD_2023-11-28_13-12-59-300x141.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/11/28134716/CAKEUSD_2023-11-28_13-12-59-768x360.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/11/28134716/CAKEUSD_2023-11-28_13-12-59-1536x720.png 1536w, https://image.coinpedia.org/wp-content/uploads/2023/11/28134716/CAKEUSD_2023-11-28_13-12-59-150x70.png 150w, https://image.coinpedia.org/wp-content/uploads/2023/11/28134716/CAKEUSD_2023-11-28_13-12-59.png 1825w" sizes="(max-width: 1024px) 100vw, 1024px">
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Source – <a href="https://www.tradingview.com/x/eAtPExYV/" rel="noopener noreferrer nofollow">Tradingview</a>
The CAKE price reflects a highly volatile trend above the $2 mark and struggles to sustain a unidirectional move. With multiple quick pullbacks and bouncebacks, the altcoin is slowly losing trend momentum.&nbsp;The retest of the $2 mark will mark a pivotal event for the upcoming price trend.
Moreover, with the ongoing correction, the buyers may soon need to prove their dominance at the psychological mark of $2. Currently, the CAKE price trades at $2.16 with an intraday fall of 1.55%, teasing a longer correction phase.
Considering the buyers manage to remain dominant, a double bottom reversal can refuel the bullish momentum in CAKE price trend. In an otherwise situation, a fatal fall awaits for the PancakeSwap price trend.
Technical Indicators:
RSI indicator: The RSI line continues declining following the bearish divergence in the daily chart. Therefore, the indicator reflects a bearish phase in motion.
<h2 class="wp-block-heading" id="h-will-the-cake-price-bounce-back-from-2">Will The CAKE Price Bounce Back From $2?</h2>
If the bulls manage to absorb the overhead supply, then the CAKE price can sustain above the crucial level of $2. Further, this increases the overall bullish momentum, resulting in a stronger comeback from buyers.
Conversely, if the altcoin is unable to maintain the price above the critical support level of $2, the price will experience a sharp decline. This could result in the price falling to its lower support level of $1.60.

CAKE Price Signals Bullish Reversal At $2, Should You Buy?

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