PancakeSwap Price Prediction for Today, 09 December: CAKE Awaiting a Spark from Bulls or Bears

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Buyers’ and Sellers’ momentum is equal in the CAKE market

CAKEUSD Price Analysis – 09 December

Should buyers’ momentum increase, the price may break up the resistance level of $4.0 and the price may increase to the resistance levels at $4.1 and $4.3. In case sellers oppose the buyers at the $4.0 level, CAKE may decrease and break down the support level of $3.7, which may decrease to $3.5 and $2.8 support levels.

CAKE/USD Market

Key levels:

Resistance levels: $4.0, $4.1, $4.3

Support levels: $3.7, $3.5, $2.8

CAKEUSD Long-term trend: Ranging

PancakeSwap ranges in the daily chart. The Crypto has been under the sellers’ pressure since 08 November. The pressure was high and the support level of $3.49 was located on November 22. Bulls defended the just-mentioned level with the formation of strong bullish candles which push the price to retest the resistance level of $4.0. Bulls could not continue pushing up the price due to low momentum. In the same way, sellers’ pressure is low and that is why the price is consolidating around the $4.0 level.

Pancakeswap is hovering over and around the 9 periods EMA and 21 periods EMA which indicates bullish momentum. Should buyers’ momentum increase, the price may break up the resistance level of $4.0 and the price may increase to the resistance levels at $4.1 and $4.3. In case sellers oppose the buyers at the $4.0 level, the price may decrease and break down the support level of $3.7, which may decrease to $3.5 and $2.8 support levels. The relative strength index period 14 is at 49 levels with the signal line pointing up to indicate a buy signal.

CAKEUSD medium-term Trend: Ranging

PancakeSwap is ranging in the 4-hour time frame. CAKE bounced up from the support level of $3.4 on 22 October. The bulls were unable to push up the price above the resistance level of $4.0. Also, the sellers find it difficult to push down the price. The scenario mentioned above led to price consolidation in the CAKE market.

PancakeSwap is trading over and around the 9-periods EMA and 21-periods EMA. The Relative Strength Indicator period 14 is at 60 levels exhibiting a buy signal. Low momentum in the Pancakeswap market but high momentum in the IMPT market.

IMPT is environmentally friendly and the project is gaining traction, close to $17 million has been raised in the current presale. Those who invest in Impact Token (IMPT) will be able to claim them as from December 12, 2022. In order to do this, they will connect the wallets they used to buy the tokens initially, and the token will be dropped into their wallets. Also Uniswap, LBank, and Changelly Pro will list IMPT for trading, once the presale has been concluded.

In addition, Dash 2 Trade aims to guide all trades to speculate more proficiently. This is because effective risk control parameters are necessary in building robust strategies for initiating winning trades. There is a D2T presale ongoing and time is running out. The presale dashboard launch is coming soon since the product dev is ahead of the schedule. So far, the presale has raised almost $9.5 million.

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