Journalist
Posted: February 10, 2025
AdLunam
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AdLunam
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14,733
Lunam Points
Journalist
Posted: February 10, 2025
Pancakeswap (cake) has experienced great volatility in the past two weeks. The drop in the market has seen the cake to rupture the structure of the lower market when it fell below $ 1.87.
This fall quickly recovered, but the daily structure of the market remained down.
The $ 2.1 resistance area was above the head. It has been significant in the past eight months, serving on several occasions as support and then resistance. Turning this level to the support would be a good start for the Pancakeswap bulls.
Source: Cake / USDT on tradingView
The cake saw a lower market structure on February 1 when the daily session closed below $ 1.87.
This rupture was followed by another drop of 27.28% in the next six days which reached a local hollow of $ 1.35 before delimiting.
This rebound tested the region of $ 2. Demonstrated in red, it was the high swing of the origin of the rupture of the structure of the market, which makes it a lowering control block.
Therefore, it was unlikely to be returned to support the first try.
However, alongside the Swift rebound from $ 1.35 to $ 1.94, the CMF also jumped beyond +0.05. It was +0.08 to indicate significant capital inputs.
The brilliant oscillator remained below zero on the daily graphic, showing the momentum was always lower. This has also been helped by the high trading volume in the last 48 hours.
Source: Coringlass
The liquidation card showed that areas of $ 1.88 and $ 2.1 had high lever effect liquidation levels. These could be targeted in the short term – a price transition to these levels before it quickly reverses its short -term momentum.
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The liquidation card also highlighted the scarcity of short liquidations beyond $ 2.14. Consequently, a hunt for liquidity towards the north may not be as explosive as a southern.
However, with high purchase pressure, the price of pancakeswap may not drop too much below $ 1.88.
Notice of non-responsibility: The information presented does not constitute financial investments, exchanges or other types of advice and is only the opinion of the writer
post url: https://altcoin.observer/?p=23903
