PancakeSwap (CAKE) Drops 10% as Bearish Indicators Dominate
- PancakeSwap (CAKE) price drops 10.13% to $2.14, with market cap down 10.06%.
- Global crypto market cap falls 2.61% to $2.76T, while volume rises 18.30%.
PancakeSwap (CAKE) has declined 10.13% in the last 24 hours, trading at $2.14. The tokens market cap has dropped to $628.3 million, down 10.06%. Trading volume has also decreased by 25.36% to $190.4 million. The fully diluted valuation (FDV) now stands at $964.08 million, with a market cap ratio of 0.3683.
The global crypto market cap has fallen 2.61% to $2.76 trillion. However, overall trading volume has increased by 18.30% to $89.88 billion, indicating heightened market activity and volatility.
Technical Indicators Signal Bearish Momentum
CAKE is currently testing key support at $2.10. If this level fails, the price could drop to $2.00 or even $1.90. On the upside, resistance lies at $2.30. A breakout above this level could lead to a recovery toward $2.50, but strong buying pressure is required. The RSI is at 26.94, indicating oversold conditions.
The RSI moving average is at 34.60, confirming strong bearish momentum. A rebound is possible if the RSI crosses above 30. The 50-period moving average remains above the price, reinforcing a bearish trend. The 200-period moving average is also declining, confirming long-term weakness. No bullish crossover has been observed, meaning the downtrend remains intact.
CMF is at -0.32, indicating net capital outflows. A negative CMF signals weak buyer interest, further supporting bearish sentiment. The price remains below both the 50-period and 200-period moving averages. A bullish crossover between these two levels could indicate a trend reversal, but it has not occurred yet.
If CAKE stays above $2.10, a rebound toward $2.30 is possible. However, if support breaks, the price may test lower levels at $2.00 or even $1.90. CAKE is under strong selling pressure, with RSI, CMF, and moving averages all signaling a bearish trend. The price must reclaim $2.30 to reverse momentum. Traders should monitor the $2.10 support level closely.
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Read more: https://thenewscrypto.com/pancakeswap-cake-drops-10-as-bearish-indicators-dominate/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
