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๐Ÿ“ˆ Daily TA: PancakeSwap (CAKE/USD) | 11-11-2021

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cryptospa
@cryptospa
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Hodl, dear members of LeoFinance!

Today, I would like to comment on the price chart of PancakeSwap.

In the daily chart (1D), CAKE/USD has been recently consolidating at the 30-day Moving Average (MA 30) and the 90-day Moving Average (MA 90): The daily chart still doesn't give a hint in which direction the price will exit the consolidation.

In the 4-hour chart (4H), CAKE/USD formed a Bullish Flag (common trend continuation pattern): As can be seen from the chart, a breakout took place, the price has exited already the flag, but the uptrend has not resumed. The price is just moving sideways. So, it seems that the 4-hour chart doesn't give us a hint in which direction the price will continue its journey as well.

To be continued ...

As of the time of writing, one CAKE costs $18,49 on the Binance crypto exchange, according to TradingView.

A few words about me:

Just to let you know: I've been working professionally as a currency analyst for the last 15 years, and as a cryptocurrency analyst for the last 4 years.

Important!

Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.

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