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Vikram
May 11, 2022
by Vikram

CAKE Technical Analysis: Will CAKE Prices Sustain Above $5?

CAKE
With the wedge pattern fallout, CAKE prices take a nose dive below the descending support trendline and aim a fall under $5.

Key technical points:

  • The CAKE price approaches the $5 mark.

  • The RSI values drop to the oversold zone.

  • The 24-hour trading volume of PancakeSwap is $193 Million, indicating a downfall of 30%. 

    • Past Performance of CAKE

    CAKE prices show a high momentum breakout rally from the wedge pattern in the daily chart after facing rejection at the 50-day EMA. The downtrend breaks multiple support levels and accounts for a devaluation of 35% last week, and currently stands at the $5 support level. 

    TradingView Chart

    CAKE Technical Analysis 

    CAKE prices showcase bearish engulfing candlesticks with higher price rejection in the bullish candle yesterday. Therefore, the price action reflects a surge in the underlying bearishness ready to crack under the $5 mark.

    The EMAs maintain a bearish alignment in the daily chart and maintains a falling trend reflecting a solid grip of sellers over the trend control. 

    The RSI slope shows a sharp fall from the overbought zone under the influence of the 14-day SMA and approaches the oversold boundary. Thus, the falling slope reflects a potential fall under the $5 mark.

    The MACD indicator displays a bearish trend in motion after the recent negative crossover below the zero line. Moreover, the bearish histograms gain trend momentum reflecting a surge in selling pressure. 

    In short, the CAKE technical analysis forecasts a potential uptrend ready to breach the $5 level.

    Upcoming Trend

    If the CAKE sellers continue the falling trend, the downfall will drive the market value below the $5 psychological mark.

    The bearish thesis will be invalidated if buyers surge the prices above the $6 and reach the $7.5 mark.

    Support Levels: $5 and $3.25

    Resistance Levels: $6 and $7.5

     

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    CAKE Technical Analysis: Will CAKE Prices Sustain Above $5?
    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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