PancakeSwap Cake price looks scary and "discourages" buying them
Updated
If we look at the trading history of CAKEUSDT, we will see that the price is still in a downtrend channel
After breaking through the critical $3.60 level, the price of CAKE has been falling steadily.
It is a thankless task to guess when the price of PancakeSwap will hit the bottom, especially since the BTCUSDT price may be just beginning to fall.
But we can make some estimates:
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After breaking through the critical $3.60 level, the price of CAKE has been falling steadily.
It is a thankless task to guess when the price of PancakeSwap will hit the bottom, especially since the BTCUSDT price may be just beginning to fall.
But we can make some estimates:
- The CAKEUSD price has now reached the middle of the falling channel, a rebound is possible, but it is hard to believe in this pattern.
- Below, the intermediate level of $1.50
- The bottom of the channel is around $1, and this is probably the first level where we would be to risk buying CAKE, and it is after the price stops and trades above the level.
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Trade closed: target reached
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