Market Overview for PancakeSwap/Tether (CAKEUSDT) on 2025-10-24

• CAKE/USDT declined 3.8% over 24 hours, forming bearish momentum with a close near the session low.
• Key support at 2.65–2.68 tested multiple times, with failed rebounds suggesting short-term weakness.
• Volatility increased during the Asian and US sessions, with volume spiking on downward moves.
• RSI and MACD suggest oversold conditions, though trend strength remains unclear.

PancakeSwap/Tether (CAKEUSDT) opened at 2.814 on 2025-10-23 at 12:00 ET and closed at 2.681 on 2025-10-24 at the same time. The pair reached a high of 2.824 and a low of 2.621 over the 24-hour window, with the total volume traded at approximately 20.1 million USDT. Price action showed a distinct bearish bias, particularly after the 09:45 ET candle printed a large red body and a long lower wick, signaling rejection at key resistance levels.

The 15-minute chart revealed a key support zone forming between 2.65 and 2.68, where price found repeated bids but failed to recover above 2.72 consistently. A bearish engulfing pattern emerged at the top of the range near 2.80, followed by a series of smaller-bodied candles pointing to fading bullish conviction. The 20-period and 50-period moving averages on the 15-minute chart remained above price, reinforcing the downtrend.

MACD showed bearish divergence as price failed to reclaim previous lows despite positive MACD crossovers, while RSI dipped below 30 in the final hours of trading, suggesting oversold conditions. However, RSI failed to generate a meaningful rebound above 40, which may indicate ongoing selling pressure. Bollinger Bands widened significantly during the Asian and European sessions, with price frequently touching the lower band, suggesting elevated volatility and a higher likelihood of mean reversion in the near term.

Volume analysis revealed a clear skew toward bearish momentum, with downward-volume spikes exceeding $200,000 during key breakdowns. Notional turnover surged during the 09:45–11:45 ET window as the price tested and fell below critical support levels. The absence of strong bullish volume near 2.72–2.75 implies weak follow-through demand, increasing the probability of further downside in the next 24 hours. Investors should monitor for a break below 2.62, which could trigger a larger retracement toward 2.55–2.60.

Backtest Hypothesis

To refine a potential trading strategy, the next step is to retrieve the 14-period RSI for CAKEUSDT, ideally in the correct format accepted by the data source. The 15-minute RSI has been indicating oversold conditions, with RSI dipping below 30 multiple times in the past 24 hours, suggesting opportunities for potential mean reversion. A backtest using historical RSI levels from 2022-01-01 to 2025-10-24 could provide insight into the effectiveness of an oversold-entry strategy in this pair. To proceed, the exact symbol format (e.g., CAKEUSDT, CAKE/USDT, or exchange-specific identifiers) and preferred exchange (Binance, KuCoin, etc.) must be confirmed. Once the correct ticker is identified, the RSI series can be retrieved and the backtest executed.