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Sanjay Shukla
Nov 17, 2022
by Sanjay Shukla

CAKE Technical Analysis: “Death Cross” Brings Bearish Reversal

CAKE Technical Analysis
The CAKE technical analysis exhibits a strong downtrend due to high selling pressure, with the 50-day SMA and 200-day SMA making a “death cross”, signaling an upcoming bearish sentiment in the market. 

Trading between the tight range of $3.86 and $3.77, today’s price actions of CAKE display a reversal in the bearish trend. A 10.55% drop in trading volume ( $28.83 m) and a 2.77% plunge in market cap ($567.37) over the last 24 hours support a strong downtrend in the CAKE market. As the bearish trend continues, CAKE prices fell 3.82% during the previous 24 hours. With a maximum supply of 750 million CAKE coins, it has a circulating supply of 147.59 million.

Key Points

  • CAKE price action maintains a downtrend with a fall of 3.82% in 24 hours

  • Trendline making a symmetrical triangle indicates a bullish breakout 

  • The intraday trading volume in CAKE is $28.83 million

    • TradingView ChartSource: Tradingview

    CAKE Technical Analysis

    In the previous analysis, CAKE hit its two-month low when it broke below the mark of $4 on November 10. Since then it has not been able to break the mark. The 50-day SMA crossing below the 200-day SMA making a "death cross", forecasts a strong bearish market in the future. The 200-day SMA sharply moving along the downward resistance trendline also indicates a downtrend in the market. Although symmetrical triangles made by trendline signal a bullish breakout, the multiple high-price rejection candles nullify any chances of a bullish reversal anytime soon. Sideline traders must wait until CAKE signals another bullish breakout for an entry opportunity. 

    Technical Indicators

    Making a bearish divergence, RSI dived below the midpoint under the 14-day SMA to reach 37.38, approaching the oversold boundary, indicating an increased selling pressure due to underlying bearishness. Moving below the halfway line, the increasing gap between fast and slow lines while MACD makes a bearish crossover as the histogram is set for another downswing. 

    The technical indicators show CAKE is set for another bearish cycle as prices are struggling to consolidate owing to high selling pressure, with MACD teasing another downswing.

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    CAKE Technical Analysis: “Death Cross” Brings Bearish Reversal
    Sanjay Shukla
    Sanjay Shukla is a Content Writer with Cryptoknowmics, India's biggest media platform in crypto. He has more than 8 years of experience in the Business and Finance domains. Sanjay writes excellent content on cryptocurrencies, trading, Bitcoin, and the share market, to help the readers have deep insight into the topic.

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