- PancakeSwap price found monthly support at the $3.5 mark.
- The volume traded increased by 118% in the last 24 hours, which was reported at $52 million.
- Buyers are struggling at the 20-day moving average on the daily time frame scale.
PancakeSwap has been struggling on a roller coaster for the past few weeks. The most recent monthly low for bulls was $3.57 on Nov. 22. This low occurred after 60 days, so it was aggressive selling that started near the resistance zone (red zone) in terms of the daily price scale.
Amid the downtrend, the Pancakeswap price found monthly support at the $3.5 mark. Later, the bulls reversed the trend on the lower time frame. On a daily basis, the buyers are forming a third green candlestick this week. This week, buyers have recovered 4.6 percent. The Fibonacci retracement indicates a bullish hurdle at 0.618 ($4.1 mark), bears can miss this area at any time.
The PancakeSwap token is analyzing the uptrend. Buyers recently overcame the selling pressure and turned the trend towards a trend of higher lows. Meanwhile, against the USD pair, the CAKE token is trading at $3.98, buyers continue to see a rejection near the $4.0 resistance.
The $3.0 mark has a key support level for buyers. After a long time, the buyers were aggressive last night for the accumulation, so the volume of transactions increased 118% in the last 24 hours, reporting in $52 million. But On Balance Volume (OBV) still remains at lower levels on the daily price scale.
On the daily price scale, the PancakeSwap price is approaching the 20-day moving average as an early bullish hurdle. Also, 200 DMA (RED) remains at the same level. Therefore, this breakout will influence swing long traders. Also, the RSI is gradually moving towards the semi-line after reversing from the oversold zone.
PancakeSwap pauses at the 200-day moving average, it looks like the bulls are exhausted now. Although, the uptrend is present on the CAKE token, so look for a positive breakout above all these bullish hurdles.
Support level – $3.5 and $3.0
Resistance level – $4.0 and $5.0
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