- CAKE Token continues to observe an uptrend while accumulating above the support cushion of $23
- The press time price of CAKE/USDT is $25.82 established on the back of a 2.8% increase in the past 24 hours
- According to the latest data updated by Defi Llama, PancakeSwap has maintained its rank as the number one DEX exchange on the Binance Smart Chain
CAKE Token price accumulating to start a new rally
It is no surprise that CAKE Token has held the critical support level, despite a major sell-off. The altcoin began its upward trajectory on July 21st and has continued to elevate by an overall 136%. Even though the current price trend of CAKE is accumulating above the support cushion of $24, the trend hasn’t moved adrift from the controversial target of $30.
Keeping in mind that the overall price action is trapped inside an ascending channel pattern on the daily chart, the range between $21-$19 marks as the first ray of a reliable support cushion. Climbing above, the range of $23-$24, is where the ongoing accumulating cycle is taking place. Notwithstanding, a corrective cycle, the bulls can rely on these two levels for a bounce back.
The recent drop in the broader cryptocurrency market caused CAKE Token price to remain undefeated. While the drop from the swing high of $26.57 enabled the token to hoard onto the $23-$24 support area, the bulls might enter for a comeback. This particular range is surrounded by the recuperation of buyers.
The resistance of $26.90 is a major blockage in the path towards $30. A breach of this level will provide the altcoin with gains worth 13%, Furthermore, clearance of this swing high will encourage the bulls to challenge its ATH, which stands at $42.
The Daily Stochastic RSI is on the verge of entertaining a bullish crossover, as evidenced by the (%K-18) attempting to cross above the (%D-22). For this bullish crossover to be a success, the price must jump bounce off from the supply range.
SUPPORT : $26.90
RESISTANCE : $23