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- CAKE token price is bullish as it managed to hold at the supply zone on the daily time frame chart.
- The CAKE token price is forming a flag and pole pattern in a daily time frame.
- The pair of CAKE/BTC is trading at the price level of 0.0001915 with a fall of 3.45% in the past 24 hours.
The CAKE token price raises the hopes of investors as it manages to sustain itself at the breakout zone. The price of the CAKE token has crossed through the crucial supply zone with a strong bullish candlestick formation. CAKE token price is currently trading at the price level of $4.176.
CAKE token price shows a 0.5 FIB level retracement on a daily time frame
The price of the CAKE token is now producing higher high and higher low patterns on a daily time period. As the CAKE token price faced rejection there repeatedly, a supply zone breakout gave rise to strong bullish momentum. The price of the CAKE token is currently falling after shooting up sharply after the breakthrough. The price of the CAKE token is seen rising once again after retesting the breakthrough zone. A CAKE token is now trading at a price above both the 50 and 10p Moving Averages.
As it rises, it can be seen that the token price is finding support at these Moving Averages. The 14 Simple Moving Average was exceeded by the price of the CAKE token. The price of the CAKE token is currently situated at the upper band of the Bollinger band indicator after recovering from the lower band. Given the wide current range of the Bollinger band, consolidation before the subsequent upward surge is unavoidable.
The CAKE token price is forming an flag and pole in a daily time frame
ADX curve has been dipping for the past couple of weeks after rising. As the token price broke the supply zone, the ADX curve was also seen moving up rapidly. As of now, the ADX curve is dipping as the token price also falls after a strong bullish momentum. The fall in the CAKE token price has resulted in the formation of a flag and pole pattern. Once the token price breaks the flag and pole pattern the ADX curve can also be seen moving upwards.
MACD indicator has given a negative crossover as the token falls after the breakout of the supply zone on a daily time frame. The blue line crossed the orange line on the downside. This has resulted in the token price falling strongly. Once the token price starts moving up again after retesting, the MACD indicator can give a positive crossover and the gap between the blue and orange lines can be seen widening supporting the trend. After the breakout of the small supply zone, the token is now trading in a small range, resulting in the consolidation.
The CAKE token price stormed past above the supply zone with a strong bullish candlestick pattern. The token broke out of the super trend sell line which triggered the buy signal. As of now the CAKE token is trading above the super trend buy signal line. Currently, the token price is seen retracing back to the breakout zone for a retest. Going forward the super trend buys line could act as a strong support zone.
Conclusion: The CAKE token price is on a bullish trajectory despite the recent bearishness. The technical parameters suggest the same. It remains to see if the CAKE token price breaks the flag and pole pattern on the upside it fails to do so.
Support: $4.0 and $4.2
Resistance: $5.2 and $5.5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
