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CAKE

CAKE: Falling Wedge BreakoutPancakeSwap (CAKE) technical analysis: Trade setup : Bullish breakout from a Falling Wedge pattern, which could signal a trend reversal and upside potential to $4.00 resistance and 200-day moving average. Patterns : Falling Wedge It usually forms after a downtrend and suggests a potential bullish reversal in the original downtrend. When price breaks the upper trend line the price is expected to trend higher. Emerging patterns (before a breakout occurs) can be traded by swing traders between the convergence lines; however, most traders should wait for a completed pattern with a breakout and then place a BUY order. Trend : Downtrend across all time horizons (Short- Medium- and Long-Term). Momentum is Mixed as MACD Line is above MACD Signal Line (Bullish) but RSI < 45 (Bearish). Support and Resistance : Nearest Support Zone is $3.00. The nearest Resistance Zone is $4.00.
Long
by altFINS
Pancakeswap (CAKE/USDT) Close to Reclaim Levels Above $4Pancakeswap has been one of the popular crypto asset in the market. CAKE price has displayed acute strength ever since it formed its lows by the mid-June 2022. It was on its path to reclaim the lost levels, but the recent FTX-fiasco flipped the entire market flipped and fell into a deep bearish trap, from which the CAKE price is unable to make a comeback. However, the price is trying hard to set up a bullish outlook and hence is able to sustain above $3 despite extreme bearish pressure. The price rebounded finely from the 0.236 FIB levels around $3.2 and consolidating finely just above these levels but constantly failing to surpass the levels at $3.5, hence has become a pivotal zone to clear. Once these are cleared the next leg up may uplift the price beyond 0.382 FIB levels close to $3.7, beyond which the possibility of reaching $4 may emerge before the end of the yearly close. Besides, the volume has dropped miserably which may hinder the progress of the rally by lowering the pace. Therefore, CAKE price could have a bearish close provided bulls remain off-the-shore until the start of the fresh yearly trade.
by Coinpedia-Market-Insight
1
PancakeSwap CAKE price is trying to break up from downtrendThe CAKEUSDT price has been in a falling trend channel since April 2021. In fact, almost immediately after "the hype CAKE" exited into the market, when the price of CAKE rose from $10 to $44 in a month, the search for a fair market price began. Looking at the chart, we can see aggressive buying of CAKEUSD from $3 After, buyers of PancakeSwap twice time bought back the price from the critical $3.60 level, giving him the status of a "mirror" Roughly speaking, we can say that a price zone of $3-5 is a zone of fair market price , which satisfies both buyers and sellers for the last six months. Therefore, in case of positive developments in the cryptocurrency market, we can expect the CAKEUSDT price to exit the falling channel. The first task of buyers is to break through and consolidate above $5.50. If this condition is met, in the medium term, you can start dreaming about growth to the region $8.75 - 9 If the wave of negativity again covers the crypto market and the price of CAKE drops below $3.60, then it is not worth buying CAKE again before $2.90-3. _____________________ Did you like our analysis? Leave a comment, like, and follow to get more
Long
by P_S_trade
49
The important resistance area!CAKE had a range trend during the last week. Its price fluctuates between two very important resistance and support levels corresponding to the 4-hour time frame. The support was considered in the range of $3.42 to $3.65, and its resistance was in the range of $4.10 to $4.20. If the resistance and range of Bitcoin are broken, we can expect to see the price continue to grow until the next target range of $5. Note that the current resistance is very serious and important. Breaking this range requires the stabilization of favorable conditions in the market. Because it can both increase the trend in the 4-hour timeframe and the price can completely exit the long-term downward channel. For the short-term and in the 1-hour time frame, as long as the support of the $3.82-$3.87 range is maintained, there is a potential to break the resistance. You can also consider a symmetrical triangle pattern for the current price in the same time frame. Failure of the pattern from any side can affect the continuation of the price of this currency. According to the type of candles and most likely, the direction of price departure from the pattern will be from above. In this case, we can expect a further price increase from CAKE after breaking the resistance and pulling back to it.
by MonoCoinSignal
5
Eliminate sales pressure?!CAKE had a sharp downward trend during the past weeks. After the buyers brought the price to the resistance level of $5, there was a strong reaction in this area, and the saving of profit by the buyers, along with the selling pressure that was applied in the whole market, caused a 30% price dump of this currency. The support level that was considered in the range of $4.10 to $4.23 for this currency has now turned into resistance. But the second support, which was in the range of 3.46 to 3.65 dollars, has been associated with a good positive reaction. The market made a return to its resistance levels last day, and CAKE currency has hit the resistance of $4 with the good support of its buyers. In the 4 hours, the price trend of this currency can become a range mode if it does not break the resistance of $4 because the power of buyers has risen dramatically above the previous support level. Therefore, we expect a range trend from this currency this week. If the buying support continues and the $4 resistance is broken, the price could break out of the long-term bearish channel, and this could go a long way in removing the selling pressure.
by MonoCoinSignal
💁‍♂️ CAKE/USDT _ 3D 💁‍♂️ HI Everyone, As you can see, the price is in the range of 3.82. In a 3-day time frame, if the price penetrates below the 3.60 range, the price may be accompanied by a correction to the $3 range. 💹 Support Ranges $3.30/3.10$/2.45$ ⚠️ Maintaining the specified range is important! !️ We may see further correction if we lose the 2.45 support range. ❗️⚠️ ❎ (DYOR)...⚠⚜ WHAT DO YOU THINK ABOUT THIS ANALYSIS? I will be glad to know your idea 🙂✌ IF you like my analysis please LIKE and comment 🙏✌
Short
by SasanSeifi