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- 1 The CAKE price is currently trading at $3.56 while seeing a change of 111% in 24-hour trading volume.
- 2 The price has been observing a decline of 1.42% in the last 24 hours.
- 3 Pancake may make a breakout in the upcoming days.
The market sentiments are observing a bullish boost. The CAKE price seems to be reflecting those sentiments, which is being shown in its price. CAKE price is most likely to join the bull rally. The investor’s sentiments are currently around the greed zone.
The majority of the market is going under the bull’s control from bears’ influence. The oscillators are making a bullish crossover to support the buyers, while the CAKE price is trading under the major key EMA’s. If the CAKE price trades according to the major cryptocurrency, chances are that it might attain this important milestone.
CAKE price prepared for the bull’s rally
Analysts had earlier predicted that CAKE’s price could make a short correction before making a bullish reversal. They observed the bearish reversal from the 100 EMA of CAKE with Stochastic RSI’s assent and predicted that the price is likely to continue this bearish correction, and see a reversal. This prediction came to be when after making a 10% downturn, the price found support from its trend line and made a bullish turnaround.
Technical Analysis
The RSI line is currently making a bullish crossover near the median line. The current value of the RSI is 47.08 points which is crossing above the 14 SMA. The value of 14 SMA is 46.43 points. The slight curve of the RSI line suggests it can soon see a bullish crossover.
Stochastic RSI is trading near the demand zone below 30 points. The %K is crossing above the %D line near the oversold levels. The stochastic is giving bullish indications about upcoming trends. The CAKE price has found support from the price of $3.550 and its resistance level is around $4.000, with the next major support level being at $4.400
Conclusion
As per the analysis, CAKE’s price is trading near the demand zone. The price can make a bullish reversal of 9% or more. But the price has to cross quite a few resistance levels before making a major bull trend as the 200 and 100 EMA are trading above the current price.
Technical levels –
Support –$3.550 and $3.215
Resistance – $4.000 and $4.400
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
