Cake Presents A Buy Opportunity
Updated
CAKEBNB - 4HPancakeswap and its accompanying CAKE token have taken DeFi by storm since the beginning of the month. Overall BSC has added 9B in TVL since the end of January. Much of that added value has gone into PCS vaults, which spurred its volume over Uniswap's yesterday. A couple weeks ago I argued for a potential Tron run based on an influx of DeFi refugees and new entrants. Tron succeeded in attracting people but nowhere near the scale of what BCS & PCS have done. I'm fortunate to have previously entered CAKE, but I'm also looking for good additional entries as I believe this run has another month or two ahead of it.
The pairing with BNB presents a challenge as BNB has absolutely rocketed in price the past two weeks. Nevertheless the CAKE:BNB trade has been in a consistent up trend on the 4H since late January. I won't pay much mind to the massive wicks pushing the price up, but I am interested in the bottoming out that may have just happened. I think .054 may have been the floor, as that candle was predated by the largest sell volume CAKE has seen in its existence and it bounced back nicely. But I'm looking for a candle to rocket up the near juncture of the bottom trendline & EMA sometime tomorrow. If that doesn't happen, and CAKE surges up I'll move in somewhere between .0615-.063 depending on closes.
Generally speaking the difference between .0535 and .057 BNB isn't that much at present. So if you have no cake and are looking to long into triple digits, there's little reason to delay. Short term .076 would be a good exit target.
This isn't investment advice and trading cryptocurrency is high risk.
Order cancelled
Lost the trend
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