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Pancake wap failed to break the reach of 7 months and the price action after the rejection showed that Beren were dominant. Nevertheless, a price of up to $ 2.7 or even $ 2.95 was possible.
Pancake wap [CAKE] Saw a price of 2.83% on Sunday, 3 August. The short -term trend, however, was Bearish after the failed outbreak beyond $ 2.95 by the end of July.
This malfunction saw the price in the reach that is just over 7 months old.
The native token of the decentralized exchange on the BNB Smart Chain did not inspire bullish trust, even if it acted on the $ 2.55 support zone.
Bitcoin [BTC] seemed to have found some buying pressure on the $ 112k marking, but it was unclear whether it could start a recovery.
The price movement of Bitcoin in the coming days would probably influence the CAKE process, which appears to be Bearish at the time of the press.
Sellers are on the steering wheel
Source: Cake/USDT on TradingView
Cake fell under the Swing Low it made at the 1-day period on July 24. This movement under $ 2,535 (white) meant a bearish market structure interruption.
It meant that further losses were likely, although a price decrease was or not.
The A/D indicator also made a new low comparison until the past two months to underline the heavy sales pressure in recent days. The MacD made a bearish crossover to catch the shift in Momentum in favor of the sellers.
Source: Cake/USDT on TradingView
A deeper fall decrease may not be on its way because the $ 2.55 level marked the 25% level of the range of 7 months.
As such, it was a relatively remarkable level of support and the pancake -wap traders have given a bouncement for the past 24 hours.
However, the trade volume has decreased in the last 48 hours. The market structure in the H4 graph was also Bearish, although a movement could herald $ 2.67 in the short term profit.
The liquidation heat showed a good chance of a price movement to $ 2.7. The prize bounced on weekends of the liquidity cluster for $ 2.5 and was close to the magnetic zones for $ 2.7 and $ 2.8.
Further north, the levels of $ 2.95 and $ 3.05 were the following resistors to view. At the time of the press, the technical indicators and the price action did not suggest a price movement that goes beyond $ 2.6.
If this is the case, traders must be used for a larger price control, although the 1-day market structure was BEARISH.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer