PancakeSwap's native token, $CAKE, has dropped to $2.63 after completing a classic Head and Shoulders bearish pattern. The token broke below its neckline, signaling increased selling pressure. Currently trading below key moving averages, $CAKE faces a weak short-term outlook. Traders are closely monitoring the support level at $2.66 and resistance at $2.97 to gauge the token's next move. The recent price action suggests continued volatility as market participants assess the potential for further declines or a possible recovery.