The Pancakeswap price continues to grind sideways in a narrowing range. When the pattern breaks, a substantial move is likely to follow.
PancakeSwap (CAKE) is last trading at $19.76, higher by +2.40% on the day.
Weekly price performance: +21.54%
Weekly Range: $14.8164 – $21.6060
Market Cap: $3.436 Billion
The Pancakswap price has appreciated for the second consecutive week and more than doubled from its May low of $9.3829. Despite the recent recovery, CAKE is still -60% lower than its April all-time high of $47.6880.
The technical set up could see those numbers change dramatically in the near future.
PancakeSwap Price Outlook
The daily chart shows us that CAKE is wedged between the support and resistance of a triangle formation. Resistance is seen at $21.3000 and offered by a descending trend line from the 20th of May high at $22.5741.
The 100 DMA at $21.07 further reinforces the…