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NewsBTC 2022-08-31 18:50:30

PancakeSwap Adds Some Sweetness, Expands 6% In Last 7 Days

PancakeSwap (CAKE) most recent recovery sped up its bullish momentum as shown in the daily 20 and 50 EMA. PancakeSwap looking bullish CAKE price plunges 3.25% DMI shows neutral With the current economy of cryptocurrencies, traders need to know when it’s time to dip their toes and carve their potential to become millionaires. The ensuing growth of PancakeSwap has brought the alternative coin dangerously close to its short-term EMAs. But in the upcoming sessions, the $4.4-$4.2 area might continue to present obstacles to recovery. CAKE Shows Rising Wedge Recovery The rising wedge recovery that CAKE experienced set the stage for its bullish revival. But by re-igniting the relatively brief selling pressure, the $4.2-$4.4 range changed from support to resistance. According to figures by Coingecko, PancakeSwap is up 6% in the last seven days, and trading at $3.95 as of press time. Before hitting roadblocks in the immediate resistance range, a potential rebound from trendline support might help buyers advance near-term gains. Near the EMAs, a slow-moving phase has been caused by these motions. A strong reversal from the trendline support might give the bulls the upper hand and spark a choppy break. The 20 EMA was able to go above the 50 EMA despite a patterned breakdown, and the currency found support close to the trendline resistance. Source: In the $4.2-$4.4 level, the current bounce from trendline support may revers...

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