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- 1 CAKE crypto price decreased by 5.84% over the past seven days.
- 2 CAKE crypto price is currently trading at $1.1619610 with a drop of 0.45% in the last 24 hours, and a market cap of $253.538 Million (press time).
- 3 CAKEUSD is under bearish pressure.
The CAKE price prediction shows that it is trying to break the upper trendline on the daily time frame chart. CAKE crypto needs to increase the positive momentum to surge high. However, sellers may approach the 50-SMA which is acting as a resistance to the crypto price. However, the 24-hour trading volume (15.681K) is lower than the 10-day average volume(30.429K).
CAKEUSD price prediction implies that investor sentiments regarding the CAKE are bearish. Investors may prefer to keep a keen watch over the crypto. Presently, the CAKEUSD price is below all the key EMA and MA levels.
The present value of CAKE is $1.1619610. It has a market capitalization of around $253.538 Million with a fully diluted market cap of $871.495 Million. The crypto has a circulating supply of 218.198 Million.
CAKEUSD has performed poorly so far this year. Year-over-year returns are -63.39% while returns over the past 6 months are -70.32%. The return was -22.07% last month and -5.84% last week. Technicals signal selling pressure while the technical oscillators indicate neutrality. The moving averages are also on the strong sell side. This shows bearish dominance in the market.
Moreover, if selling volume adds up, then the price might conquer supporting SMAs by making lower highs and lows. Hence, the CAKE price is expected to move downwards giving bearish views over the daily time frame chart.
The CAKE Crypto price prediction suggests the crypto produced an interesting declining pattern. Crypto struggles to move above 20, 50, 100, and 200-day daily moving averages.
Technical Analysis of CAKE Crypto Price in 1-D Timeframe
At the time of publishing, CAKE crypto price is trading below the 50 and 200-day simple moving averages, which shows bearish momentum.
The MACD line at -0.0487888 and the signal line at -0.0473482 are above the zero line. A bearish crossover is observed in the MACD which signals more bearishness for the CAKE crypto price. The current value of RSI is 30.19 points. The 14 SMA is below the median line at 31.16 points which indicates that the CAKE crypto is bearish.
Summary
CAKE (USD: CAKE) technical oscillators also support the bearish trend. The MACD, RSI, and EMA are emphasizing negative signs and imply that the downtrend may continue in the CAKE crypto price. CAKE price action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a bearish perspective at the moment.
Technical Levels
- Support Levels: $1.1197549 and $0.9970821.
- Resistance Levels: $1.3457388 and $1.4684116.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions
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.
