CAKE Showed Conflicting Market Sentiment September 26

Price Analysis for September 26

CAKE is the internal currency of Pancake Swap, the DE-Fi project that acts as a liquidity provider by allowing investors to stake their funds in farms. CAKE has been in a bearish trend as can be seen from the time chart over one month period.

The price pattern of the token shows a conflicting signal, indicating a bearish channel as well as a bullish trend. This is easy to notice when we take a close look at the RSI indicator. On Sunday, September 26, CAKE showed a relative strength above 70 and below 30 according to the indicator. 

This means that the asset moved from the overbought to the oversold threshold within this time-frame. According to the 4H chart, we are yet to see supplies that could change the trend. This means that even if we are witnessing values higher than $19, this may not reverse the mid-term downtrend of CAKE.

 

Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative review of projects with the aim to determine the authenticity of their claims.