PancakeSwap (CAKE) Finds support at $5.85 After Dumping 50%

PancakeSwap is down 50 percent from 2022 highs as CAKE trends in a bear breakout pattern. How prices react at $5.85 could shape the near-term trend. Past Performance PancakeSwap (CAKE) is trading at near-record lows at the time of writing. CAKE is down 50 percent from January 2022 peaks in a bear breakout pattern. As per the CAKEUSDT formation in the daily chart, there are no signs of sellers slowing down. PancakeSwap Technical Analysis The path of least resistance is southwards at spot rates. CAKE bulls are yet to shake off determined sellers. Although there are higher highs relative to the lower BB as CAKE prices stabilize, the reaction at $5.85—this week’s lows—could determine the short to medium-term trend. On the more positive side, a reaction above $7 may draw buyers, especially if the breakout is with rising volumes. In that case, CAKE may rise to February 2022 peaks of around $8.70 in a buy trend continuation pattern. If not, sharp losses below $5.85 may see CAKE dump to $4—or worse—in continuation of the intense selling pressure traced to mid Q4 2021. What to Expect of PancakeSwap? PancakeSwap’s fundamentals are solid. They have activated the limit-order feature as it grows in sophistication. Still, despite the optimism, bears are in charge, and there must be a sharp close above immediate reaction zones for the uptrend to be valid.The post PancakeSwap (CAKE) Finds support at $5.85 After Dumping 50% appeared first on Cryptoknowmics-Crypto News and Media Platform.