CAKE coin price action shows a solid bearish candle with significantly higher price rejection reflecting a boom in selling pressure. 

Key technical points:
<ul>
 	<li style="font-weight: 400">CAKE prices have decreased by 0.39% in the past 24 hours.</li>
 	<li style="font-weight: 400">In addition, the prices sustain above the 100-day EMA.</li>
 	<li style="font-weight: 400">Finally, the 24-hour trading volume of PancakeSwap is $441.03 Million, marking a 106% rise.</li>
</ul>
<h2>Past Performance of CAKE</h2>
The CAKE coin price action shows a bullish reversal from the $5 mark resulting in a reversal that creates a rounding bottom pattern. The bullish rally of 100% within three weeks surpasses the neckline at $8.5 and 100-day EMA and reached the $10 mark.

<img src="https://s3.tradingview.com/snapshots/x/XYOyEfYV.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/XYOyEfYV/" target="_blank" rel="nofollow noopener">Tradingview</a>
<h2>CAKE Technical Analysis </h2>
CAKE coin price action failed to sustain near the $10 mark as sellers regained trend control resulting in a higher price rejection. Hence, a reversal is in order to retest the $8.5 mark.

The crucial daily EMAs (50, 100, and 200-days) display bearish alignment, but the bullish rally resulted in a reversal in the 50-day EMA. Hence, the EMAs project a high possibility of bullish crossovers.

RSI Indicator: The RSI slope exits the overbought zone as it falls under the 70% boundary. Moreover, the 14-day SMA fails to support the uptrend indicating a significant surge in selling pressure.

MACD Indicator: The MACD and signal lines get closer to each other testing an end to the uptrend with a bearish crossover. Moreover, the falling trend of the bullish histogram reflects the high possibility of a downtrend.

The CAKE technical analysis reflects a possible retest of the $8.5 mark as the sellers showcase increased activity.
<h2>Upcoming Trend </h2>
<a href="https://www.cryptoknowmics.com/news/cake-technical-analysis-is-it-finally-got-to-the-bottom/">CAKE</a> coin price experienced a remarkable increase in selling pressure near $10, projecting a high possibility of a downtrend reaching $8.50. Furthermore, the downfall could continue to the $7 mark if the selling continues.

Support Levels: $8.5 and $7

Resistance Levels: $10 and $12

CAKE Technical Analysis: Rejection Near $10 Brings Sellers Back

CAKE coin price action shows a solid bearish candle with significantly higher price rejection reflecting a boom in selling pressure. 

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;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.

CAKE Technical Analysis: Rejection Near $10 Brings Sellers Back

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