After a long time, the market sentiment has shifted to neutral, with the Fear and Greed Index value settled at 41. Meanwhile, PancakeSwap (CAKE) has been trading moderately on the downside. As of 16th March, it is hovering at around $1.50, followed by a 14.45% jump in value over the last 24 hours.
If the current surge continues, the price action would see more gains. Notably, within the last 30-days, CAKE has gained over 13%, with its lowest trading mark noted at $1.18.
The recently formed candlesticks of PancakeSwap exhibit an active uptrend. With this, the price could mount up to the $1.71 resistance. A steady rise above this range might trigger the emergence of the golden cross, and the bulls would likely send the price toward $1.92.
Conversely, a bearish turn in the CAKE market might retrace the price and test the support at $1.29. A continued correction on the downside could strengthen the bears and initiate the formation of the death cross. Gradually, the asset’s price would slip toward the $1.08 level.
PancakeSwap’s Chart Hints at Potential Upside Momentum
On the recent trading chart, the Moving Average Convergence Divergence (MACD) line of PancakeSwap is found above the signal line. As both lines are above the zero line, there is a strong bullish momentum. As long as this trend continues, it supports the uptrend, though small pullbacks can happen.
Besides, the Chaikin Money Flow (CMF) indicator stationed at 0.45 shows very strong buying pressure in the CAKE market. Also, a large amount of money is flowing into the asset, with strong accumulation by buyers. Significantly, this reflects high demand and positive market sentiment.
PancakeSwap’s Bull Bear Power (BBP) value of 0.093 points to mild bullish pressure, and the price is slightly above its average level. The momentum is not particularly strong. If it rises further, it could grow bullish strength, while a move back to zero may weaken momentum.
The daily Relative Strength Index (RSI) is at 68.98, suggesting that CAKE has a strong bullish impulse. It is very close to the 70 level, which is considered the overbought zone. The price has been rising steadily, with the buyers driving the market. Furthermore, there is more room left for upside.
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