Decentralized exchange PancakeSwap’s native token, CAKE, has slipped from its two-year low. Despite the stability in the crypto market, CAKE investors have been witnessing a steady decline over the past several weeks.
Aggressive sellers have dominated PancakeSwap’s CAKE token price since the beginning of February. As a result, investors have lost over 48% in the last three months, and the price chart indicates panic and more selling ahead.
The price of PancakeSwap’s CAKE token failed to hold the support level of $2.0, leading to a 9.8% drop in the last 24 hours and currently trading at $1.91.
There is a possibility of further decline towards the $1.5 support level, and if that support level is broken, the price could drop further to touch the 0.618 level of the trend-based Fibonacci extension at $1.3.
On the other hand, if bulls manage to turn the trend, several bullish hurdles such as $2.0, $2.5, and $3.0 could come into play. On the flip side, if bulls turn the trend, there will be several bullish hurdles such as $2.0, $2.5, and $3.0.
According to CoinMarketCap, trading volume increased 10% in the last 24 hours at $62.4 million. However, the trading volume displays the congestion of aggressive selling in Cake token.
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