Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

• CAKE has been range-bound since late June.
• Most investors distributed holdings amidst uncertainty.

Crypto markets posted mixed results in July amidst increasing uncertainty. Unfortunately, August looks no different if Fitch’s recent downgrade of the US debt rating is to be taken seriously. Like US equities, the crypto markets, especially altcoins like PancakeSwap [CAKE], posted short-term losses after Fitch’s move. 

Is your portfolio green? Check out the CAKE Profit Calculator 

The above development also cut short Bitcoin’s [BTC] recovery as it briefly forayed above $30k and slumped afterwards. If BTC sustains more uncertainty and selling pressure in the next few hours/days, a retest of the 2023 trendline support, near $28.3k, could be feasible. 

Will bears breach the range-low?

CAKE’s lower timeframe price action has been neutral and range-bound throughout

Go to Source to See Full Article
Author: Benjamin Njiri

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details