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CAKE Price Prediction: Can CAKE Retain $5 Mark Amidst DownTurn?

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The CAKE price has replicated a rounding bottom formation breakout and reached the $5 mark in recent sessions. However, the buyers failed to exceed the supply region and flipped to the neckline support zone of $4. Amidst the market downturn, the token has retraced only by 20% and is still in the bullish region.

At press time, the CAKE token (CAKE) price was trading at $4.26 with an intraday gain of 1.60%, reflecting neutrality on the charts. It has a monthly return ratio of 53.20% and 24.47% on a yearly basis. The pair of CAKE/BTC is at 0.0000643 BTC, and the market cap is $6.68 Billion. Analysts are neutral and suggest the LINK token may attain a pullback and will continue to gain in the next few sessions.

CAKE Price To Volume Profile Reveals Neutrality

The PancakeSwap token (CAKE) price signifies higher high and higher low formation and is close to the support region of $4, from where a significant bounce is expected soon. Moreover, the token price is trading above the key moving averages and is in the bullish region. The trading volume noted a drop of over 10% to $141.25 Million, signifying neutrality in investor interest.

The relative strength index (RSI) curve stayed in the overbought zone and witnessed a positive divergence on the charts. Moreover, the token has sustained gains above the 38.2% fib zone and will skyrocket soon.

Price Volatility At Peak, Sentiment Remained Average

The data shows that the token has given ups and downs and has retested the neckline support zone of $3.50 this week. These massive fluctuations led to a spike in the volatility curve and the value rose to 20% to 0.034. However, the weighted sentiment remained neutral and the value stayed in the negative region near -0.552.

Social Dominance and Active Addresses Overview

Per the Santiment data, the token has witnessed a spike in the social dominance and the value rose over 25% to 0.582%. Moreover, the active addresses sharply surged to 26.3k and witnessed a spike over 35% this week. However, the total number of holders remained consistent near 1.61 million.

What Does Whale Transaction Count and Supply Indicate?