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CAKE / TetherUS
Long

CAKE-USDT(Hourly TF)

By TradeDog-Research
CAKEUSDT has been trading in a descending channel formation and has been flirting with its trendline resistance placed in the range of 15.80-16.00USDT.

*In the past 24 Hrs, trading volume(CAKE) has increased sharply by more than 64%. And, the whole DeFi segment has been trading in the positive territory, with UniSwap gaining more than 15% in 24Hrs.

Key Levels to watch out:-


*The nearest resistance is placed at 16USDT, if it manages to breach this range decisively, buying momentum is most likely to continue till the first level of 19.5USDT and 21USDT.

*The supports to the downside are placed at 12USDT and 10USDT.

Hourly Candle closing above 16USDT will act as a confirmation to go LONG.
Chart PatternsHarmonic PatternsTrend Line BreakWave Analysis
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