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Brian Bollinger Despite the negative sentiment in crypto markets, Pancakeswap coin has recently reversed from the $4.124 resistance. This triggered a minor correction phase. This downfall could be beneficial for the coin prices as it will help to recover the bullish momentum and validate sustainability at higher levels. Moreover, the resulting discount could attract more buyers to the market.advertisementKey Points: The ongoing correction in pancakes was coin could discount its value by 10%
Bullish crossovers between the 20- and 100-day EMA encourage bullish recovery
The intraday trading volume for the Litecoin coin was $42.4 Million. This indicates an 11.5% loss.
Source: TradingviewThe daily time frame chart shows that the pancakeswap coins should have a V-shaped recover from the $3.14 support. The crypto market’s growth this year saw the coin price rise 31.3% to hit a local resistance at $4.124. This is a sign that the market is strong and resilient and is often driven by optimistic market participants. The CAKE price fell below the $4.124 ceiling due to the uncertainty surrounding the FOMC meeting. Trending StoriesThe price plunged by 4.6% to $3.94, where it currently trades. The price of the coin could fall below $3.86 if there is continued selling pressure in the market. This article also contains top crypto marketing firms / agencies 2023; here are our best picks. A possible breakdown could prolong the correction phase and cause the pancake swap coin to plummet 10% to the $3.575-$3.55 support area. The gap between the MADC(blue) and signal(orange) lines of the indicator is narrowing. This could indicate a decrease in momentum and a greater chance for the correction phase. As of now, the narrowing gap between the MADC(blue) and signal(orange) lines of the indicator suggests decreasing momentum and a higher chance for the correction phase.advertisementEMAs: the 20-50-and-100-day EMAs clustered near the $3.86 mark increase the support strength of this level.Pancakeswap Coin Price Intraday LevelsSpot rate: $3.96
Trend: Bearish
Volatility Low
Resistance levels: $4.12 and 4.36
Support levels: $3.86 and 3.55
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The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. Close Story