- The CAKE token reclaims the 20-day EMA
- The CAKE/BTC pair was trading at 0.0004678 BTC with a gain of 3.4%
- The 24hr trading volume in CAKE in 337.9 Million
As mentioned in my previous article on CAKE token, the token price was able to hold above the $19 mark after facing intense selling pressure on 7th September. Anyhow, the price was hovering above this support for almost more than a week until 15th September, when the price managed to break out from its nearest resistance of $21.5. the current price of CAKE token is 22, with an intraday gain of 6.38%.
Regarding the EMAs, the CAKE token price is trading above the crucial EMA’s of 20, 50, and 100, and 200, indicating a strong bullish trend. Moreover, the price has recently reclaimed the 20 ENA, encouraging the ongoing rally.
The RSI is currently at 53, indicating slightly bullish sentiment. However, the RSI line has shown a significant drop in its value suggesting the bears are trying to take over this token.
The CAKE Token Chart In The 4hr Time Frame
The CAKE token showed a triple bottom pattern in the 4hr time frame chart. The pattern has its neckline at the $21.5 mark. After giving a proper breakout, the token price provided an excellent entry opportunity for Crypto traders when it passed a retest to the broken level today.
The MACD indicator (BEARISH) shows the MACD and signal line are moving above the neutral zone, indicating a bullish trend. Moreover, these lines are also on the verge of giving a bullish crossover, which would provide more confirmation to a bullish rally.
Conclusion: From the technical perspective, the CAKE token indicates a bullish outlook in its price action and indicators in its chart. As the price has bounced from $19 support, indicating the continuation of its uptrend. However, the price will provide a better confirmation once it breaks the previous high of the $28 mark.