PancakeSwap (CAKE) Faces Bearish Pressure With Possible Bounce Toward $2.7 to $2.95 Levels

Key Points

1. PancakeSwap failed to sustain a breakout above $2.95 due to increased selling pressure and a bearish market structure shift.

2. The daily chart shows a break below the $2.535 swing low, confirming a bearish trend with indicators like A/D line and MACD signaling heavy selling pressure.

3. Key support at $2.55 has held recently, offering a potential bounce opportunity, while resistance levels include $2.7, $2.8, $2.95, and $3.05.

4. Bitcoin's price stabilization near $112,000 could influence CAKE's trend, as PancakeSwap's price often correlates with broader market movements.

5. The liquidation heatmap indicates liquidity clusters near $2.5 and $2.7, which could impact price movements, but overall bearish indicators suggest caution.