CAKE Technical Analysis: How Real Is The Fall To $2?
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During the last weekly candle of 9 May, sellers were able to lower the CAKE price by 50%. The price fall became "happier" after sellers broke the $5.5 mark. The trading volumes on the weekly candle is high. The price rebound after the update of the historical low in the CAKE cryptocurrency is much weaker than in other cryptocurrencies. All these data suggest that the CAKE price has not yet reached the range from which buyers will have enough strength to stop the global depression in the market.
At the time of writing, the most realistic scenario is an attempt by buyers to regain the $5.5 mark. However, after failing to break this mark, we expect the global decline in CAKE to continue. After the formation of a new falling momentum, it will be clear whether sellers have enough strength to test $2.
Technical Analysis Of CAKE On The Daily Timeframe
Analyzing the movement of the CAKE price on the daily timeframe, you can see the local zone of price support, from which buyers were able to organize the price rebound. This is in the $3.7 range. In this range, both on the daily and 4-hour timeframes, there is a noticeable price slowdown with the help of limit orders and an increase in trading volumes.
If buyers keep the range of $3.7 during 14-16 May, we will expect the local growth wave to continue to reach $5.5. Breaking and fixing the price below $3.7 will provoke panic in the CAKE market. The range of $3.8-$4.35 should become a zone of recruitment and total depletion of sellers. Only in this case, you can expect a local positive in the CAKE market. Given the possibility of a continued fall in the BTC price, you should be vigilant and not think that it can not get any worse.
CAKEBTC Price - Kept In The Middle Of The Fall Channel
The weekly timeframe of the CAKEBTC price movement shows us good news. Yes, the price continues to move in the fall channel. However, sellers failed to break the middle of the channel and fully descend to its lower trend line. In addition, local updates of the lows from January are without much zeal and depth. After a barely updated low, the CAKEBTC price immediately begins to roll back to the upper trend line of the fall channel. If on the weekly timeframe buyers can consolidate above the mark of 0.00015 - we will expect a price rebound to 0.00019. In the event of a breakdown of this range, the downward trend in the CAKEBTC market will be broken! In this case, after some consolidation, a new growth wave should be expected with the first target of 0.00038.