CAKE Technical Analysis: Is It Finally Got To The Bottom?
Table of contents
At the time of writing, sellers managed to break the mark of $8.3, which was a historical low. This breakthrough took place in early 2022 with a powerful weekly candle. However, this did not cause any panic on the part of investors. The CAKE price did not continue the aggressive impulse fall. And at a distance of 30% from the previous historical low of buyers became an attractive CAKE price. Looking at the trading week on 14 March, trading volumes increased 3 times. This fact provoked the organization of CAKE buyers rebound.
Thus, it can be stated that the CAKE price has reached the local bottom. To turn the local bottom into a global one, buyers should not allow CAKE prices to fall below $ 5.88. Despite signals from buyers about the readiness to buy, we should not forget that the price is still below the main liquidity zone $5.88-$9.5. In addition, the main trend line is under the control of sellers. Therefore, at the moment the most likely scenario in the CAKE market is a price consolidation in the range of $5.88-$9.5. And planning for growth goals can only be done after breaking and fixing the CAKE price above $9.5.
Technical Analysis Of CAKE On The Daily Timeframe
Analyzing the price movement on the daily timeframe, you can see where the main battle for a change of initiative in the CAKE market took place. This is the $5.65 mark range. On 24 February, sellers tested this range for the first time. It was after a false break of $5.65 that buyers made a strong boost on 17 March, raising the CAKE price per day by 30%. The dynamics of price growth is still ongoing and we expect lazy growth to continue to the first target of $8.5. This mark in February twice held the pressure of buyers and this time can also send the price for correction.
However, even in this scenario, buyers will have another chance to continue the CAKE growth. To do this, they need to prevent sellers from lowering the price below $6.26. In this case, the main target, which we wrote above $9.5 is likely to be achieved.
The CAKEBTC Price Has A Growth Prospect Of 60%
The CAKEBTC price chart also tells us about the increase in interest. In the range of 0.00015 sellers felt significant resistance, which grew into a rebound of the CAKEBTC price. The real prospect of a new growth wave from 14 March is 50-60%. The critical point is 0.00026. At this point is the global trend line, which sellers have been keeping since April 2021. Moreover, the last fall wave began on 27 January from this range. Thus, the near future looks quite positive for the CAKE cryptocurrency. The main question is whether buyers will be able to reverse the global downward trend and show their charisma already on the upward trend.
