Pancake Swap Chart Analysis 9 Bearish Sentiment in Short Term )Technical Analysis of $Cake/USDT:
The current trading price of $Cake is $3.81, and it is observed to be trading below the support level as per the 6-hour chart. The support level at $Pancake has now become a strong resistance level, and it is essential to monitor this level closely. If the price remains below the resistance level of $3.82, there is a high possibility of a bearish movement in $Cake.
After the breakdown, it is expected to see a 17% downward movement from the current level, resulting in the target prices of $3.50 and $3.13. It is recommended to keep a close watch on the support levels, which are $3.50 and $3.13.
However, if the resistance level of $3.82 is broken, the price may move upwards. It is also observed that the MACD is converting bearish as per the 6-hour time frame chart.
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