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Vikram
Aug 8, 2022
by Vikram

CAKE Technical Analysis: Breakout Rally Exceeds The $4.27 Mark

CAKE Technical Analysis

Table of contents

  1. Past Performance of CAKE
  2. CAKE Technical Analysis 
  3. Upcoming Trend 
The rising wedge breakout rally shows an uptrend continuation in CAKE prices breaking the 100-day SMA. Will the uptrend break the $5 mark?

Key technical points: 

  • The PancakeSwap(CAKE) price has increased by 20% in the last five days to break above the $4.27 mark.

  • The post-retest reversal with long-wick candles approaches the overhead resistance at $5.

  • With a market cap of $633 Million, the intraday trading volume of PancakeSwap has increased by 39% to reach $91.54 Million.

    • Past Performance of CAKE

    As mentioned in our previous article, the CAKE prices approach the overhead resistance at $4.27, accounting for a price jump of 12%. Moreover, this week's spike in trading volume this week results in a breakout rally exceeding the $4.27 mark. The breakout rally over the last five days shows a jump of 20% and approaches the overhead resistance at $5.

    TradingView Chart

    Source- Tradingview

    CAKE Technical Analysis 

    Earlier this week, the CAKE price witnessed a rise in buying pressure undermining the sellers at $4.27. However, the breakout rally shows a higher price rejection in the daily candle teasing a retracement to retest $4.27.

    The fall of bearish opposition by the 100-day SMA remains a crucial buying signal as it unleashes the trapped bullish momentum. The RSI slope displays a gradual rising trend in the overbought zone with the support of the 14-day SMA line. Hence the technical indicator maintains a bullish outlook for the upcoming price trend.

    The DMI indicator displays a positive trend in the DI lines with a substantial bullish gap. Moreover, the ADX line rises significantly, reflecting growth in trend momentum. In a nutshell, the CAKE technical analysis displays a high likelihood of the $5 breakout.

    Upcoming Trend 

    The increasing buying pressure projects a high likelihood of an uptrend in the CAKE prices breaking above the $5 mark. After that, traders can expect the bullish breakout rally to reach $6.12. However, a bearish reversal will retest the $4.27 support level

    Resistance Levels: $5 and $6.12

    Support Levels: $4.27 and $3.80

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    CAKE Technical Analysis: Breakout Rally Exceeds The $4.27 Mark
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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