Key Takeaways
Oh, what a spectacle! PancakeSwap, the sweet treat of the crypto world, failed to rise above its 7-month range, leaving the bears to feast. Yet, a delightful bounce to $2.7 or even $2.95 remains a tantalizing possibility.
PancakeSwap [CAKE], dear friends, experienced a modest 2.83% price bounce on the 3rd of August. However, the short-term trend remained decidedly bearish following the unsuccessful attempt to break through the $2.95 barrier at the end of July. Alas, the poor CAKE was forced to retreat back into its 7-month-old range, much to the delight of the bears. 🐻
The native token of the decentralized exchange on the BNB Smart Chain, despite trading at the $2.55 support zone, failed to inspire any bullish confidence. It seems the market is more interested in a comedy of errors rather than a heroic comeback. 😂
As for Bitcoin [BTC], it appeared to find some buying pressure at the $112k mark, but whether it can muster a true recovery remains a mystery. The movements of Bitcoin in the coming days will undoubtedly influence the path of CAKE, which currently appears to be on a downward spiral. 🌟
Sellers are in the Driving Seat
CAKE, dear readers, plummeted below the swing low it had established on the 1-day timeframe on the 24th of July. This drop below $2.535 (white) marked a significant bearish market structure break, signaling that further losses are likely, though not immediately imminent. 📉
The A/D indicator reached new lows compared to the past two months, emphasizing the heavy selling pressure in recent days. The MACD also confirmed the shift in momentum, crossing bearishly to reflect the sellers’ dominance. 🐼
A deeper price drop may not be immediate, as the $2.55 level represents the 25% level of the 7-month range. This level has provided some support, giving PancakeSwap traders a small bounce over the past 24 hours. However, trading volume has been waning over the past 48 hours, and the market structure on the H4 chart remains bearish. A move past $2.67, however, could bring about some short-term gains. 💸
The liquidation heatmap suggests a strong likelihood of a price move toward $2.7. The price rebounded from the liquidity cluster at $2.5 over the weekend and is now near the magnetic zones at $2.7 and $2.8. Further up, the $2.95 and $3.05 levels stand as the next resistances to watch. At present, technical indicators and price action do not indicate a move beyond $2.6, but if it happens, traders should be wary of a larger price bounce, even though the 1-day market structure remains bearish. 🚀
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2025-08-04 16:21