PancakeSwap Cryptocurrency Forecast
Stronger technical forecast for PancakeSwap cryptocurrency price after Friday trading.
(Updated on Apr 19, 2024)
The PancakeSwap cryptocurrency price gained 3.53% on the last trading day (Friday, 19th Apr 2024), rising from $2.66 to $2.76. During the last trading day the cryptocurrency fluctuated 6.43% from a day low at $2.61 to a day high of $2.78. The price has fallen in 6 of the last 10 days and is down by -31.87% for this period. Volume fell on the last day by -31 million shares and in total, 9 million shares were bought and sold for approximately $25.89 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The cryptocurrency lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $2.68 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the cryptocurrency is expected to rise 45.08% during the next 3 months and, with a 90% probability hold a price between $3.89 and $7.94 at the end of this 3-month period.
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CAKEUSD Signals & Forecast
Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The cryptocurrency should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The PancakeSwap cryptocurrency holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $2.79 and $3.88. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, March 14, 2024, and so far it has fallen -42.51%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for PancakeSwap cryptocurrency
PancakeSwap finds support from accumulated volume at $2.75 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This cryptocurrency may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this cryptocurrency is considered to be "very high risk". During the last day, the cryptocurrency moved $0.168 between high and low, or 6.43%. For the last week, the cryptocurrency has had daily average volatility of 8.95%.
PancakeSwap is oversold on RSI14 (19). Some cryptocurrencies may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CAKEUSD) For The Upcoming Trading Day Of Saturday 20th
For the upcoming trading day on Saturday, 20th we expect PancakeSwap to open at $2.72, and during the day (based on 14 day Average True Range), to move between $2.44 and $3.07, which gives a possible trading interval of +/-$0.318 (+/-11.53%) up or down from last closing price. If PancakeSwap takes out the full calculated possible swing range there will be an estimated 23.06% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $2.75 (0.25%) than the resistance at $2.90 (5.08%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is PancakeSwap cryptocurrency A Buy?
The PancakeSwap cryptocurrency holds several negative signals and despite the positive trend, we believe PancakeSwap will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this cryptocurrency. We have upgraded our analysis conclusion for this cryptocurrency since the last evaluation from a Strong Sell to a Sell candidate.
Current score: -3.992 Sell Candidate Upgraded
Predicted Opening Price for PancakeSwap of Saturday, April 20, 2024
| Fair opening price April 20, 2024 | Current price |
|---|---|
| $2.72 ( 1.43%) | $2.76 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CAKEUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.88 | 4.67 % | |
| R2 | 2.82 | 2.34 % | ||
| R1 | 2.78 | 0.90 % | ||
| Current price: | 2.76 | |||
| Support | S1 | 2.65 | -3.76 % | |
| S2 | 2.61 | -5.20 % | ||
| S3 | 2.55 | -7.53 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.35 | 21.60 % | |
| R2 | 3.14 | 13.97 % | ||
| R1 | 2.90 | 5.08 % | ||
| Current price | 2.76 | |||
| Support | S1 | 2.75 | -0.254% | |
| S2 | 2.74 | -0.508% | ||
| S3 | 2.69 | -2.29% |
FAQ
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