PancakeSwap Price Analysis: CAKE retests $18.5 support for the third time, will it hold?

TL;DR Breakdown PancakeSwap price analysis is bullish for today.CAKE/USD saw another decline to $18.5 support today.CAKE is likely to reverse today. PancakeSwap price analysis is bullish today as the previous support at $18.5 still holds after another strong drop over the last 24 hours. Therefore, we expect CAKE/USD to reverse higher later today and look to test previous highs next. Cryptocurrency heat map. Source: Coin360 The cryptocurrency market traded in the red over the last 24 hours. The market leaders, Bitcoin and Ethereum, are down by 4.13 and 7.12 percent, respectively. Meanwhile, Avalanche (AVAX) is the worst performer from the majors, with a loss of almost 16 percent. PancakeSwap price movement in the last 24 hours: PancakeSwap drops to $18.5 support again CAKE/USD traded in a range of $18.66 – $20.68, indicating substantial volatility over the last 24 hours. Trading volume has increased by 33.25 percent and totals $346.2 billion, while the total market cap trades around $4.36 billion, ranking the coin in 36th place overall. CAKE/USD 4-hour chart: CAKE to reverse again? On the 4-hour chart, we can see PancakeSwap price action testing the $18.5 support again, which should lead to a reversal later today. CAKE/USD 4-hour chart. Source: TradingView PancakeSwap price action has seen strong volatility over the last week. After peaking at $26.5 during the last days of August, a drop to $21.5 support followed un...