CAKE price is struggling near the $10.0 level after registering gains in the previous session. The price remains range-bound without meaningful price action. Investors are waiting for confirmation to continue with the upward bias.

Cake price is consolidating after the previous session’s gains. Expect more gains above the 200-day EMA near $12.0. The downside is limited to $8.60 near the rising trendline.

At press time, CAKE/USD is trading at $9.53, down 0.16% for the day. The 24-hour trading volume stands at $385,901,758 with a gain of 65%.

CAKE price seeks the advantage

Source: Trade View

On the daily chart, CAKE price is trying to extend gains from the previous session but remains under pressure near the higher levels. The price is trading along the rising trendline from the low of $5.65. Furthermore, the CAKE price rose almost 100% from the mentioned level. Trading volume continued to support bullish momentum in the asset.

Now, continued buying pressure would push the price towards the critical 200-EMA (exponential moving average) at $11.05.

An extended purchase will then bring the psychological $12.0 into play.

On the contrary, if the price does not keep the session low, it would negate the bullish case for CAKE price. At a lower price, the first downward target could be found at $8.80.

Furthermore, a break below the bearish line could retest the 50-day EMA at $7.60.

Technical indicators:

RSI: The daily Relative Strength Index is trading near the overbought zone with a neutral bias. He is currently at 75.

MACD: The moving average convergence divergence is holding above the centerline. However, the bullish momentum is slowing, pointing to some retracement in the price.

OBV: The On-balance volume indicator is approaching the overbought zone which indicates that demand has increased as price continues to rise.

Disclaimer

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

About the author

Rekha started out as a Forex market analyst. Analysis of fundamental news and its impact on the market movement. Develop interest in the fascinating world of cryptocurrency later on. Following the market based on technical aspects. Investigate analysis of the chain to follow the market.



This post CAKE Price Rises Towards $12.0 Above 200 Days EMA

was published first on https://coingape.com/markets/pancakeswap-price-prediction-cake-price-advances-toward-12-0-above-200-day-ema/

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