PancakeSwap’s CAKE token failed to breakout beyond the seven-month range, indicating continued bearish sentiment in the market. The nearest significant support level is at 2.55 USD.
Despite the overall bearish outlook, analysts are considering a possible bounce back to 2.95 USD, with recent market behavior suggesting a price reaction near the 2.5 USD support level.
Bitcoin’s current price movement around 112,000 USD could have a direct influence on CAKE’s price trajectory, especially if it matches up with important trading support and resistance levels.
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