2024

PancakeSwap

The post <a href="https://coinpedia.org/price-analysis/cake-price-teases-a-run-to-5-is-the-2024-bull-run-here/" rel="noopener noreferrer nofollow">CAKE Price Teases A Run To $5, Is The 2024 Bull Run Here?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Turning the slow start of the week into a bullish bounceback, the CAKE price takes a strong bullish stand today. With an intraday growth of 2.19%, the PancakeSwap price action teases a morning star pattern forming at a crucial support level.&nbsp;
This increases the likelihood of an uptrend surpassing the $4 mark to create a new swing high in the early days of 2024. Further, this supports the bullish anticipations in our <a href="https://coinpedia.org/price-prediction/pancakeswap-cake-price-prediction/" rel="noopener noreferrer nofollow">CAKE price prediction</a>, highlighting a strong trend this year.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/eQZXgRZ_21lkLkNB_R7neZ4ylrvEicRlaoogqEFRqtNpWJdubXGug2-U5e-seGU9Ajo4oTNNxhVM-EYiFKiwpN4iPEhx9GaD4Ue8XDUUzCxSb0pCQ6eXUDNbcCnoyyDe_AWeirLNgeuHnQZY6U6U_mvrgdcE3Cf0TLNXU2D5Y3VOUlSd4oISFmZOYbkqQA" alt="">
</figure>
Source – <a href="https://www.tradingview.com/x/fd64wK7m/" rel="noopener noreferrer nofollow">Tradingview</a>
Following the sideways continuation for days, the CAKE price finally bounced higher with the help of a 78.60% trend-based Fibonacci level. However, the lack of volume support increases the concern about the sustenance of this newfound momentum.&nbsp;
With an intraday growth of 2.53%, the CAKE price trades at $3.60, forming a bullish engulfing candle following the days of the consolidation. This leads to a morning star pattern forming at the base of 78.60% Fibonacci level.&nbsp;
With a strong reversal pattern forming at a crucial demand base, the chances of an uptrend increase for PancakeSwap. Therefore, the curiosity of the sideline traders is increasing for this altcoin.&nbsp;
Technical Indicators:
MACD indicator: The previous consolidation resulted in a slag in the MACD and signal lines, threatening a negative crossover. However, the new Morning Star may avoid this event.&nbsp;
EMA: The uptrend in the 50D and 200D EMA continues and is ready to provide dynamic support in case of a pullback in the CAKE price.
<h2 class="wp-block-heading" id="h-will-the-cake-price-reach-5">Will The CAKE Price Reach $5?</h2>
The CAKE price skyrocketing may soon unleash strong bullish momentum and showcase a strong uptrend. The quick bounce back brings entry opportunities for sideline traders.&nbsp;
Further, the trend-based Fibonacci levels highlight a strong trend teasing a trend above $4 to reach the psychological mark of $5.&nbsp;
On the downside, a bearish fall can lead to a breakdown drop to $3.16.

CAKE Price Teases A Run To $5, Is The 2024 Bull Run Here?

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