The CAKE coin price is under extreme selling pressure evident by the breakout of $10, the year-long support level. Will it reach $5? PancakeSwap can be described as an automatic market maker (AMM) -A decentralized finance (DeFi) application that allows users to trade tokens for liquidity through farming and earning fees for the exchange. PancakeSwap lets users exchange BEP20 tokens, supply liquidity to exchanges, and receive fees. You can stake tokens of LP to earn the CAKE token and stake the token in order to make more money.  Let us move ahead to read about PancakeSwap technical analysis. Past Performance of CAKE The CAKE coin price action shows a downfall of more than 40% in the past ten days from $12. The downfall takes support at $7but breaks below the annual support level of $10. The breakout marks a bearish milestone as the support level had pushed the price higher multiple times in 2021. However, the bearish takedown increases the selling pressure and breaks the bullish morale. CAKE/USD Daily Chart CAKE Technical Analysis The CAKE coin price action forms multiple bearish engulfing candlesticks in the daily chart. Moreover, the long wick formations in the daily candles reflect higher price rejection. The crucial Exponential Moving Averages (50, 100, and 200) maintain a bearish alignment from December 2021. The 50-day EMA provides constant dynamic resistance to any bullish attempts in the correction phase. The MACD Indicator shows a sudden fall in the fast line after the recent bearish crossover below the zero line. Moreover, the increasing intensity of the bearish histograms reflects a rise in selling pressure. The DMI Indicator shows a sharp rise in the ADX slope as it approaches 30%, reflecting a rise in the trend momentum. The DI lines indicate a downtrend in action because of a bearish alignment and a significant gap. Therefore, the technical indicators and the price action indicate a solid downtrend in action. That is why traders can shortly find the CAKE prices breaching below the freshly formed low at $7. Upcoming Trend The CAKE coin price breaks below the long-coming crucial horizontal support level at $10, which was in action from the start of 2021. PancakeSwap faces extreme selling pressure and can shortly breach $7. Therefore, sellers can target the level of $6.15 and $5 below the $7 mark. However, in the unlikely case of a reversal, the resistance levels at $9.5 and $11. At press time, the CAKE Technical Analysis widget by TradingView gives a “SELL” sign for the token. Technical Analysis for CAKEUSD by TradingView { “interval”: “1D”, “width”: “100%”, “isTransparent”: false, “height”: “100%”, “symbol”: “BINANCE:CAKEUSD”, “showIntervalTabs”: true, “locale”: “in”, “colorTheme”: “dark” }

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Bitcoin and the altcoins have all fallen into the oversold regions of the market. This means that buyers will emerge in the oversold region where a price recovery is likely.

The price of Ripple (XRP) resumed its downward correction after the January 22 plunge. Over the past four days, the XRP price has fluctuated between $0.56 and $0.62, with buyers unsuccessfully attempting to break above resistance at $0.62 three times.

Supply and demand have been termed as the major factor that causes uphill and…

The post Chainlink extend negative price action to the south as price trade below $17.75 resistance appeared first on Coin Journal.

Strong bearish pressure pushed the price of Cardano to the south $0.94 is the…

The post Cardano extends negative price action to $0.94 after market supply outweigh demand appeared first on Coin Journal.

The recent sell-off in the crypto market has wiped out the recovery gains of the second week of January. The ADA price has lost around 35% and plummeted to $1 support. This V-top price reversal now targets this bottom support to continue the red rally. Key technical points:  The ADA coin shows a lower price

The post Cardano Price Analysis: Crypto Crash Threatens ADA $1 Support; Should You Worry? appeared first on CoinGape.

The Shiba Inu price chart shows a reversal from the support trendline of the falling channel. However, the price jump acts as a retest of the bearish breakout of the falling channel. Hence, the sudden increase in buying pressure may soon succumb to drive the price lower.  Key technical points:  The SHIB token price finds

The post Shiba Inu Price Analysis: SHIB Price Hints Further 30% Downfall, Are You Buying This Dip? appeared first on CoinGape.

On the higher timeframes, such as 12-hour and daily, Decentraland was in dangerous territory for the bulls. There simply was not enough price action on the surge from $1 to $2.2 for any significant support levels to be established. In a previous article, it was noted that the $2.4 level of support could be tested […]

Seller-driven market undermines the falling channel in the SHIB coin price chart. Will the downtrend reach the $0.000015 mark? SHIBA INU’s website invites dog-inspired artists from around the world to promote an “artistic Shiba movement” as they expand the SHIBA INU community into the NFT market. It has also created an initiative using Amazon Smile in order to solicit donations to help rescue live Shiba Inu dogs by partnering with The Shiba Inu Rescue Association. Bitstamp is the largest crypto exchange in Europe has announced that it will offer Shiba Inu to trade in 2022, at the start of the year. Korbit is one of the South Korean exchanges, becoming the first exchange in the country to offer the SHIB token in 2021. Let us move ahead to read about Shiba Inu’s technical analysis. Past Performance of SHIB SHIB coin price succumbs under the selling pressure during the retest of the rising channel breakout, mentioned in our previous article. The coin price decreased by 25% in the past 24 hours, resulting in the creation of a bearish engulfing candlestick. Moreover, the price dives back within the falling channel. SHIB/USD Daily Chart SHIB Technical Analysis The SHIB coin price fails to rise after touching the resistance trendline of the falling channel to retest the bullish breakout. As the price re-enters the falling channel and breaks below the $0.000020 mark, a downfall to $0.000015 is possible. The declining Crucial Exponential Moving Averages on the daily chart provide a bearish crossover between the 50-day and 100-day averages. Additionally, the SHIB coin price trends are lower than the 200-day EMA. The MACD indicator shows the MACD and signal lines diverging, giving a bearish crossover after the recent merger. Moreover, the restart of the falling histogram in the daily chart. The Ultimate Oscillator indicator at 27 reflects a rise in underlying selling pressure as the slope enters the oversold zone. Therefore, the indicator hints at a bearish continuation to $0.000015. In conclusion, the technical indicators showcase a plausible continuation to $0.000015 with the increased trend momentum. Upcoming Trend With the failure of the bullish breakout retest of the falling channel, the SHIB coin price falls under the $0.000020 mark. Moreover, the bearish crossover of the 50 and 100-day EMA increases the bearish attention for the coin price.  The price action shows the support levels present at $0.000015 and $0.000012 present within the falling channel. In case the price gives lower price rejection to rise higher, the resistance level at $0.000020 and $0.000025. At press time, the technical analysis by TradingView gives “STRONG SELL” for the SHIB token. Technical Analysis for SHIBUSD by TradingView

The post SHIB Technical Analysis: Sellers Drive the Price Below $0.000020  appeared first on Cryptoknowmics-Crypto News and Media Platform.

Polkadot (DOT) has fallen to an all-time low of $0.22 on September 21, 2021. Today, the altcoin is hovering above $22. In recent price action, the DOT price has held above $23, the previous low of the December 4 price drop.

The SEC is still not ready to approve a spot-based Bitcoin ETF in the United States, following the recent rejection of another such application.

The SEC rejected the spot Bitcoin application from Skybridge giving a plethora of reasons for their decision. The regulator had previously delayed giving a decision for the application that was first filed in May 2021. Despite the rejection, analysts remain bullish that a pure-play Bitcoin ETF is around the corner. The SEC remains a stumbling […]