- Cake token fell more than 60% in value since the bear attack near $42.
- Presently, the coin price faces rejection from 50 EMA in the 4-hour timeframe.
- The pair of CAKE/BTC trades at 0.0004367 BTC, with an intraday fall of -9.91%
In the 4-hour timeframe, the technical chart of CAKE Token forecasts an upcoming downtrend. The coin price faces constant rejection from the correction line and fails to rise above. The increasing intraday selling volume projects the downfall is imminent. Presently, CAKE Token trades at $14.89, with a 34% fall in intraday trading volume. The volume to market cap ratio is 0.07619.
CAKE Token hinges between $13 – $19 levels
CAKE Token price resonates between $13 and $19 with no technical indicators siding with the bulls. The price chart indicates an increase in selling volume. The crypto asset is forming a double top pattern in the daily timeframe. One can expect a downfall if the coin price closes below the $13 level. The support levels are at $13 and $8, and the resistance levels are at $19 and $26.
The coin price is trading below the 50 EMA, implying a downtrend. The recent death still seems to influence the price.
The RSI (Slightly Bearish) indicates bearish momentum while trading at 38. The RSI line is curved but projects further fall towards the oversold zone.
The ADX indicates a gaining momentum as it trades at 20 while the spike in ADX increases, implying a positive growth rate.
Conclusion: CAKE Token indicates a price fall soon. However, the breakout of the $19 level could stage the re-entry in the recovery zone. Investors can wait till the price breaks the $13 level before exiting their existing positions.
Support – $13 and $8
Resistance – $19 and $26