Market Overview for PancakeSwap/Tether (CAKEUSDT): 24-Hour Movement and Momentum

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• Price opened at 2.47 and traded between 2.21 and 2.50 before closing at 2.314.
• A sharp sell-off occurred in the late morning, with price dropping over 9% in 45 minutes.
• Volume surged in the midday selloff, confirming bearish momentum.
• Bollinger Bands and RSI suggest oversold conditions, with potential for a rebound.

PancakeSwap/Tether (CAKEUSDT) opened at 2.47 on 2025-11-02 12:00 ET and closed at 2.314 on 2025-11-03 12:00 ET, with a high of 2.50 and a low of 2.21. Total volume for the 24-hour period was 6,795,834.31 CAKE, with a notional turnover of approximately $15,938,000 (based on average rate of $2.35).

The 15-minute OHLCV data reveals a distinct bearish bias over the past 24 hours, with a significant portion of the move occurring during the midday to early afternoon hours. Price action shows a bearish breakdown following a short-lived bullish push in the early morning hours, with the 15-minute moving averages (20SMA and 50SMA) trending downward. A key support level appears to be forming around the 2.20–2.25 range, as seen in the final hours of the 24-hour window.

On the momentum side, the 15-minute RSI briefly touched overbought levels early in the session but quickly fell into oversold territory during the selloff. This suggests potential for a short-term rebound, though it’s unlikely to push price back above the 2.35–2.40 resistance zone without significant buying pressure. The MACD line showed a bearish crossover and remained below the signal line, reinforcing the downward trend.

Bollinger Bands show an expansion in volatility as the selloff progressed, with price briefly dropping below the lower band. This kind of volatility expansion often precedes consolidation or a counter-trend bounce. However, unless buyers step in with substantial volume, the 2.20–2.25 level could act as a temporary floor.

Fibonacci retracements from the 2.21–2.50 swing suggest key levels at 2.35 (38.2%) and 2.38 (61.8%), which could become points of interest in the next 24 hours. A break above 2.38 may test the 2.40–2.45 range, while a retest of the 2.25 level would confirm its role as a short-term support.