Is Pancakeswap Coin Price Set to Hit $5?
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Brian Bollinger In the daily time frame chart, the Pancakeswap coin’s price action over the last four months shows a V-shaped recovery. This recovery is a result of a rapid and strong growth of bullish momentum following a period of decline. This bull run is backed by an increase in volume and indicates a sustained rally. However, the increasing selling pressure at $4.62 threatens CAKE price with a temporary pullback.advertisementKey Points: A bullish morning star candle pattern forming above $4.05 support. Indicate price suitability at higher prices.
Coin buyers would be encouraged to resume a bullish recovery if there is a crossover between the 100- and 50-day EMAs.
The intraday trading volume for the Litecoin coin was $53.9 Million. This indicates a 29.5% loss.
Source: Tradingview The pancakeswap coin’s price has been trending upwards since 2023. This altcoin has experienced a bull run. It rose 42% from its January 1st low price of $3.15 to reach its current price at $4.47. However, the daily chart shows several higher price rejection candles at $4.62 local resistance, which indicates that sellers are aggressively protecting this barrier. If the selling pressure continues, the coin price could see a minor consolidation or pullback. Trending StoriesA potential correction could prolong a sideways tendency above the $4.3 mark, or plunge it to $4.05 Support. The coin price should show sustainability above $4.05 in the coming week. This is important for coinholders.
Volatility is high
Resistance levels: $4.66 and $5.1
Support levels: $4.36 and 3.55
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