PancakeSwap: After failed breakout, Will CAKE trap late bears with bounce to $2.95?

Key Points

1. PancakeSwap (CAKE) saw a 2.83% price bounce but remains bearish after failing to break past $2.95, retracing into a 7-month range.

2. The $2.55 support level provided a short-term bounce, but trading volume has been declining, and the market structure remains bearish.

3. Bitcoin's price movement at the $112k mark could influence CAKE's future trajectory, which currently appears bearish.

4. The MACD indicated a bearish trend, though the $2.55 level (25% of the 7-month range) offered temporary support.

5. Liquidation heatmap suggests potential price moves toward $2.7 or $2.8, with resistances at $2.95 and $3.05 if a bounce occurs.