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.
