PancakeSwap Price Analysis: CAKE spikes to $18.5, rapid reversal to follow?

TL;DR Breakdown PancakeSwap price analysis is bullish for today.CAKE/USD saw a 25 percent drop today.PancakeSwap found support at $18.5. PancakeSwap price analysis is bullish for today as a retracement of more than 25 percent was seen over the last 24 hours, and a heavy rejection for further downside was seen around the $18.5-$21 price area. Therefore, we expect CAKE/USD to reverse and look to regain the loss later today. Cryptocurrency heat map. Source: Coin360 The cryptocurrency market traded with strong bearish momentum over the last 24 hours. Market leaders, Bitcoin and Ethereum, are down by 8.36 and 10.62 percent, respectively. Meanwhile, Solana (SOL) is the best performer, with a gain of over 13 percent. PancakeSwap price movement in the last 24 hours: PancakeSwap drop more than 25 percent CAKE/USD traded in a range of $18.83 – $24.90, indicating extreme volatility over the last 24 hours. Trading volume has increased by 38.5 percent and totals $596.1 billion, while the total market cap trades around $4.62 billion, ranking the coin in 32nd place overall. CAKE/USD 4-hour chart: CAKE starts to regain today`s loss On the 4-hour chart, we can see heavy rejection for further downside, with CAKE/USD returning back above $20. CAKE/USD 4-hour chart. Source: TradingView PancakeSwap price has struggled over the past week. After setting a new several-month high at $26.57, a drop of almost 20 percent was seen last week. Su...