PancakeSwap Price Prediction

Many major altcoins have experienced uncertain price action since early November as the top cryptocurrency traded sideways amid extremely high supply.

Contrary to this indecision, however, the price cake From $1.21 to $1.90, the growth is an impressive 58% over the past four days.

This price increase may be due to the announcement of a position manager feature on decentralized cryptocurrency exchange PancakeSwap.

The question is whether this fundamental development will be enough to sustain gains above $2.00.

Is the current recovery sustainable?

PancakeSwap token price started recovering from the $1.05 support level on October 28. However, gains gained momentum on November 1 following the release of a position manager feature developed in partnership with decentralized finance protocol, Bril Finance.

This feature allows users to deposit funds into wallets and then automatically distribute them to liquidity pools for profit. It’s worth noting that news-based rallies like this one are often followed by a small pullback to confirm their sustainability against higher prices.

Therefore, if the coin price encounters resistance near the $1,942 mark, a minor pullback to $1.73 is likely, in line with the 23.6% Fibonacci retracement level, followed by $1.61 (FIB 38.2%). The uptrend will continue until the price sustains above the 50% retracement level at $1.50.

Either way, this pullback could revive bullish momentum and push the price above the $2 mark.

CAKE performance compared to BTC

When comparing price action over the year, it is clear that the leading cryptocurrencies are Bitcoin Outperformed the price of Cake tokens. While Bitcoin price has shown steady growth with rising highs and lows, CAKE price has experienced a downward trend, remaining relatively stable around the $1 mark.

Moving average convergence divergence: There is a large gap between the MACD indicator and the signal line during the bullish crossover stage, indicating strong buying sentiment in the market.

Exponential Moving Average: The 200-day moving average recently retraced to knife It is hovering near the $1.75 mark, which may provide strong support in case of an expected pullback.

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