The pancakeswap token was also sideways over the past two weeks due to choppy market sentient. This consolidation however shows price sustainability above $3.7 support, which offers a recovery opportunity for coin holders. Will we see further growth in Pancakeswap or will the downtrend persist? Key points: A bullish reversal is possible from the $3.73 support.
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Brian Bollinger The pancakeswap token has remained sideways over the past two weeks, despite choppy market sentiment. This consolidation however shows price sustainability above $3.7, which offers a recovery opportunity for coin holders. Thus, will we experience further growth in Pancakeswap, or will the downtrend continue?advertisementKey points: A bullish reversal from the $3.73 support is set to reach $4 under a favorable bullish scenario
The 20-day EMA moving close to the $4 may encourage sellers back into the prevailing downtrend.
The intraday trading volume for the Litecoin coin was $26.5 Million. This is a 24% increase.
Source: Tradingview. In the midst of the widespread sell-off in the crypto market, PancakeSwap token prices reverted to the $5 psychological resistance and breached an long-coming support trendline. The sudden fall in prices caused them to drop 26% to $3.733 local support. However, prices continued to slide after the downfall. The PancakeSwap token prices rebounded twice during this consolidation from the $3.73 support. This indicates that buyers are protecting this level. Trending StoriesThe altcoin has surged 3.5% in the past three days and is currently trading at the $3.88 mark. This downfall was also accompanied by decreasing volumes, which indicates that this pullback is temporary. With continued buying, the coin price will rise another 5.5% to reach the immediate supply zone between $4-$4.1. Furthermore, a bullish breakout from $4.1 resistance encourages buyers to further price recovery.However, if the prices remain below the $4 resistance, the ongoing consolidation will extend for a few more trading sessions and poses a bearish threat of a downtrend resumption.Technical. indicatorRelative strength Index: A bullish divergence of the daily-RSI slope reflects increasing buying near the $3.73 support. AdvertisementEMAs: The downsloping EMAs (20, 50, 100) help sellers maintain a prolonged downfall. Spot price: $3.86
Trend: Bullish
Medium Volatility
Resistance Levels: $4-$4.1, $4.3
Support Levels: $3.55 and $3.733
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