Will PancakeSwap Price Upthrust Soon, Or Continue Sideways?The PancakeSwap price is up nearly 0.23% in Intraday and currently trades close to $3.98.
The volatility has dropped in the recent sessions indicating the price stabilizing near the dynamic support of 50 day EMA.
The PancakeSwap price is creeping higher in the afternoon session after retracing the 50 day exponential moving average. The bears seem to be dominating in the last few sessions as the sharp fall has been observed on the charts.
However,the CAKE price could not break below the 50 day EMA implies the presence of buyers near the dynamic support of the 50 day EMA. The long term trend outlook is positive above the key EMAs of 50 and 200 day EMA.
However, The short term trend has weakened after the recent price fall however still rests on the neutral to bullish side. Currently, the price hovers in a range bounded zone. The $4.7 level and $3.6 levels are acting as the upper and lower boundary of the range respectively.
Now, further breakout on the higher side may indicate a trend continuation and the CAKE crypto may rise to higher levels. However, a breakdown below the lower boundary of range may validate further correction in the price.
PancakeSwap Crypto Volatility Drops
The volatility of PancakeSwap crypto measures the possible fluctuations in the crypto price on Intraday. A high volatility is referred to as higher fluctuation which further leads to instability at the CMP and vice versa.
The volatility of CAKE cryptocurrency has seemed to be lowering and forming lower high structure in the recent sessions. It suggests the crypto stabilizing near the CMP.
PancakeSwap Price: Social Sentiments Show Swift Rise.
The social dominance sentiment is an indicator of the increasing or decreasing acceptance of CAKE cryptocurrency among the social media users. The social dominance chart illustrates that the number of social users have been constant in the last two months.
Looking at the past data, crypto saw a substantial surge in the number of social media users in the months of December 2023 and January 2024. It shows the rising interest of users about crypto. An increased value of social sentiment may lead to a positive impact in the crypto price.
Cake Crypto: Investors Sentiments Analysis
The chart highlights that the weighted sentiment was positive and was maintained above the zero line in February. The CAKE price also noted an uptick in February and surged higher taking support from the 50 day exponential moving average.
However, the negative sentiments dominated in the March month. The weighted sentiment curve fell below the zero line. The overall weighted sentiment turned bearish and the price witnessed a fall.
PancakeSwap Price Forecast Short Term.
The analysts have a wide range of price targets for April 2024. The most optimistic view of analysts assumes the PancakeSwap price could advance to a high of $5.29 suggesting a potential gain of over 32.04%. The lower price target which the crypto could attain as per the analysts is $3.35 if breaks below the 50 day EMA.
Conclusion.
The pancakeSwap price trades with swift intraday positive gains of 0.23% on Thursday. The recent sessions have experienced a sharp fall which has weakened the short term trend. The long term trend outlook is still on the positive side above the key EMAs of 50 and 200 days.
The daily chart shows a sideways trend prevailing which may turn directional if the price breaks on either side. The sentiment data shows bearishness in the short term. However, the volatility is dropping in the recent sessions indicating the price stabilizing at the CMP.
Technical levels:
Support levels: $3.81 and $2.90
Resistance levels: $4.67 and $5.29
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
