PancakeSwap (CAKEUSD) Appears Attractive for a Long Position

PancakeSwap (CAKEUSD) Price Forecast: October 13

The market price of CAKEUSD remains bullish, capturing significant attention and appears attractive for long-term traders as top analysts predict the crypto markets are gearing up for substantial recovery and gains. In the last 24 hours, the coin price has increased by 31.11% amid a broader market recovery. The coin price may continue its bullish ascent and go higher if the bulls break the $4.574 value. A smooth upward momentum to the $4.590 upper resistance level is possible as traders anticipate more gains from the asset.

Key Levels:
Resistance Levels: $3.490, $3.491, $3.492
Support Levels:    $2.209, $2.208, $2.207

CAKE (USD) Long-term Trend: Bullish (Daily Chart)

The PancakeSwap’s current value shows that it experiences exponential growth due to increased supply and heightened demand for the coin.
The price responded to the shift in the market structure and is currently above the moving averages, suggesting a bullish trend and strong optimism from the buy investors in its long-term perspective.

Pressure from the bulls to the $2.651 supply mark in the last session has enabled the market to remain above the supply trend levels in its recent high.

As the daily session begins, the CAKEUSD price has risen upward to a $3.490 resistance level above the EMA-50, indicating strong market optimism and the possibility of large gains.

However, as there is currently greater upside potential and buyers have gathered around the market, purchasing the asset during this time could prove advantageous.

Furthermore, given the current market level, PancakeSwap’s price appears to be well-positioned for a long position as it remains upward on the daily signal.

In light of this, the coin could rise steadily soon and break the previous high of $4.574 level to reach the $4.590 upper resistance level, as we watch the crypto market remains strongly bullish and looks good for a long position in its higher time frame.

CAKE (USD) Medium-term Trend: Bullish (4H Chart)

PancakeSwap is in a resistance zone on the medium-term view. The bulls are trying not to fall this time around. Further, the coin price has broken above the EMA-50, confirming a bullish trend.
The price is moving in an uptrend in the H4 timeframe, making higher highs and moving towards the overhead resistance.

Despite the interactions from the short traders, the bulls caused a rise in the PancakeSwap price to $3.490 above the supply level shortly after the 4-hourly chart opened today, indicating that the crypto may proceed higher.

Thus, closing the session above the $4.574 prior peak value will put the trade more on the buying side.

Additionally, there is a possibility of bullish continuation as the CAKEUSD price remains in an uptrend on the daily stochastic.

As a result, the coin market may hint at a $4.580 upper resistance level, suggesting a long position for traders in its medium-term outlook.

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