PancakeSwap Price Prediction Aug 2022
PancakeSwap (CAKE) holds the 88th position on CoinGecko right now. CAKE price prediction 2022 is explained below with a weekly time frame.
The above chart of Pancake Swap (CAKE) laid out a Descending Channel pattern. Descending channel also known as the falling channel. A descending channel is formed by two parallel trendlines. The upper trendline, which joins the highs, and the lower trendline, which joins the lows, run parallelly downwards. This pattern is the characteristic of a bearish market.
Currently, Pancake Swap (CAKE) is in the range of $4.554. If the pattern continues, the price of CAKE might reach the resistance levels of $4.152, $5.270, and $9.434. If the trend reverses, then the price of CAKE may fall to $3.967 and $2.412.
PancakeSwap (CAKE) Support and Resistance Levels
The chart below shows the support and resistance levels of PancakeSwap (CAKE).
From the above daily time frame, we can clearly interpret the following as the resistance and support levels of PancakeSwap (CAKE).
Resistance Level 1 $4.916
Resistance Level 2 $6.924
Resistance Level 3 $10.169
Support Level 1 $2.486
Support Level 2 $3.641
Comparison of CAKE with BTC, ETH
The below chart shows the price comparison between Bitcoin, Ethereum, and PancakeSwap (CAKE).
From the above chart, we can interpret ETH, BTC, and CAKE are moving in the opposite direction with respect to that of BTC and ETH. This indicates that when the price of BTC and ETH increase, the price of CAKE decreases. When the price of BTC and ETH decrease, the price of CAKE increases.
Happy Trading !
The above chart of Pancake Swap (CAKE) laid out a Descending Channel pattern. Descending channel also known as the falling channel. A descending channel is formed by two parallel trendlines. The upper trendline, which joins the highs, and the lower trendline, which joins the lows, run parallelly downwards. This pattern is the characteristic of a bearish market.
Currently, Pancake Swap (CAKE) is in the range of $4.554. If the pattern continues, the price of CAKE might reach the resistance levels of $4.152, $5.270, and $9.434. If the trend reverses, then the price of CAKE may fall to $3.967 and $2.412.
PancakeSwap (CAKE) Support and Resistance Levels
The chart below shows the support and resistance levels of PancakeSwap (CAKE).
From the above daily time frame, we can clearly interpret the following as the resistance and support levels of PancakeSwap (CAKE).
Resistance Level 1 $4.916
Resistance Level 2 $6.924
Resistance Level 3 $10.169
Support Level 1 $2.486
Support Level 2 $3.641
Comparison of CAKE with BTC, ETH
The below chart shows the price comparison between Bitcoin, Ethereum, and PancakeSwap (CAKE).
From the above chart, we can interpret ETH, BTC, and CAKE are moving in the opposite direction with respect to that of BTC and ETH. This indicates that when the price of BTC and ETH increase, the price of CAKE decreases. When the price of BTC and ETH decrease, the price of CAKE increases.
Happy Trading !
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