- 1 CAKE price noted a reversal from the channel’s top and is halting gains near $3.
- 2 Buyers are eagerly waiting for a spike to surpass the prompt hurdle of $4.
CAKE price showcased a higher high swing and has persisted in delivering the bullish sentiment for the past sessions. CAKE price was reverted from the bottom zone of $1 and has surged over 156% in the recent sessions. However, the CAKE price has paused near the 20-day EMA and is waiting for a blast above $3.
Amid the market indecisiveness in the crypto market pump, CAKE price did not affect much and persisted in augmenting the gains. With the recent surge, CAKE price has trapped the sellers who have made their grips near $3, which is the prompt hurdle. If CAKE price surpasses $3 decisively, an additional surge of over 4% may be witnessed and CAKE price may reach $5 soon.
At press time, PancakeSwap (CAKE) is trading at $3.01 with an intraday gain of 4.53%, showing an uptrend on the charts. Moreover, the trading volume jumped by 13.20% to $51.36 Million, highlighting buying momentum. The pair of CAKE/BTC was at 0.0000676 BTC, while the market cap was $4.54 Billion. Analysts have maintained a strong bullish rating and suggest that the CAKE price will reach $4 soon and continue to gain.
CAKE Displays Rising Parallel Channel on Daily Chart
On the daily chart, CAKE price continued to gain steadily. The higher high swings pattern was witnessed in recent sessions. Moreover, the trend is intact, and the CAKE price persisted in stretching the gains and witnessed a spike directing the buyer accumulation. Per the technicals, CAKE price is ready to gain further and will reach the blue sky zone above $4 soon.
The relative strength index (RSI) curve stayed near the midline and showcased a retracement in the recent sessions. Moreover, the MACD indicator showed a bearish crossover and formed red bars on the histogram, suggesting volatility for the upcoming sessions.
Will CAKE Price Reach $5 This Month?
Recently, CAKE price flipped from the demand zone, retested the 50-Day EMA mark, and is heading toward the 100-Day EMA. The price action displays a reversal, and buyers are eagerly willing to reach the bullish trajectory above $5 in the near sessions. Per the Fibonacci retracement levels, the CAKE price has surpassed the 38.2% zone and is close to the 50% zone.
CAKE price has acquired gains and is readying to shine above $3, but it takes a whip and retest the 20-Day EMA mark. Moreover, the price chart reflects the higher highs swing, as the buyers continued to dominate, whereas sellers felt trapped.
Support Levels: $2.60 and $2.10
Resistance Levels: $3.10 and $3.50
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.