PANCAKESWAP – ALTCOIN CHART ANALYSIS

PancakeSwap (CAKE) broke the uptrend we've been forming since mid-June and is now consolidating just below that former support.

We are currently trading at around USD 4.40 and the 4H-EMA ribbons are also giving us pressure from above. Add to this the 200 SMA (last 200 moving averages/purple) and 200 EMA.

So we have a lot of resistance overhead on falling trading volumes. On the downside, it would be desirable and more likely if we recapture the $4.10 area where we made our low

The picture is not looking too good on the daily chart. Here the uptrend has recently become weaker and weaker. On the one hand, the volume has decreased, on the other hand, some divergences have formed.

It is therefore not surprising that this uptrend is now weakening and has been broken. At the moment the Daily-EMA Ribbons can still give us some support.

The next support is around USD 4.04 in the form of the monthly support P. A consolidation here would be desirable in order to get back into the uptrend if necessary.

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