Market Overview for PancakeSwap/Tether (CAKEUSDT) – 2025-11-06

• PancakeSwap/Tether traded in a 24-hour range between $2.196 and $2.303.• Key support at $2.24 and resistance at $2.291 observed with bearish momentum.• Price closed 0.5% lower on weak volume and declining turnover after midday.

PancakeSwap/Tether (CAKEUSDT) opened at $2.273 on 2025-11-05 at 12:00 ET, peaked at $2.303, and declined to a low of $2.196, closing at $2.258 by 12:00 ET on 2025-11-06. Total 24-hour volume reached 2.83 million CAKE, with a notional turnover of approximately $6.37 million. A consolidation phase appears to be taking hold, with bears showing strength in afternoon trading.

Structure & Formations

Price action exhibited a bearish continuation bias, particularly after the sharp decline in the early hours of the morning. A key support level appears to have formed around $2.24–2.25, where the price found temporary stability following the 2.30–2.196 leg down. A bearish engulfing pattern was visible in the early AM session, signaling potential for further downside. A potential bullish reversal may form near this area if buyers step in.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are both in a downward trend, supporting the bearish bias. On the daily chart, price remains below all key moving averages (50, 100, 200), indicating a weak short-to-medium-term trend with potential for further bearish momentum if the downtrend continues.

MACD & RSI

The MACD line crossed below the signal line during the morning selloff, confirming bearish momentum. The RSI moved into oversold territory during the late afternoon but failed to produce a strong rebound, suggesting weak follow-through buying. This divergence hints at possible exhaustion in the short term, though without a clear reversal pattern, further bearish action remains probable.

Bollinger Bands

Volatility expanded during the sharp decline in the early morning, pushing the price near the lower band. Afternoon trading saw a retraction into the band’s central channel. A potential bounce off the lower Bollinger band at $2.24 could trigger a short-term rebound, but a failure to hold this level would likely push the price toward the next support at $2.215.

Volume & Turnover

Volume spiked during the morning decline and again in the afternoon, coinciding with price lows, indicating increased selling pressure. However, notional turnover dropped after the 2.30–2.196 move, suggesting reduced conviction in the bearish move. A divergence between price and volume may indicate a potential near-term bottom, though more confirmation is needed.

Fibonacci Retracements

The recent 2.30–2.196 swing has established key retracement levels at 38.2% ($2.268) and 61.8% ($2.232). Price currently consolidating near the 38.2% level, which may serve as a short-term pivot point. A break below 61.8% could trigger a test of the next major support at $2.215.

Backtest Hypothesis

The attempt to retrieve RSI data for “CAKEUSDT” encountered a symbol recognition issue, likely due to the format used or the data source’s limitations. To proceed with a backtest, it would be beneficial to confirm the correct symbol format (e.g., BINANCE:CAKEUSDT) or consider an alternative data source that supports the required technical indicator. If symbol resolution is not feasible, a locally calculated RSI using raw OHLCV data can be employed as a viable workaround. Once this is clarified, a 14-period RSI-based strategy can be implemented, using overbought (>70) and oversold (<30) thresholds to trigger buy/sell signals, aligned with the observed volatility and trend bias from the daily and 15-minute charts.