- The CAKE token sustains above the 200-day EMA
- The CAKE/BTC pair was trading at 0.00046 BTC with a gain of 2.64%
- The 24hr trading volume in CAKE token is $551 Million
The CAKE token indicated a great opportunity when the price bounced from the $19 support or 0.5 FIB level, suggesting the end of the retracement phase. However, after struggling to cross above the $22.6 mark, the token price plunged back to this support level in search of another chance. Thus, if the CAKE token price bounces back from this support level the chart displays a reasonable possibility of forming a double bottom pattern.
Concerning the EMAs: The CAKE token is trading above the trend defining 200 EMA, indicating the bullish trend is still intact.
The RSI currently stands at 44, indicating a slightly bearish sentiment. However, The RSI line also shows a bullish divergence concerning its price action, providing great support for the above pattern.
The CAKE Token Chart in the 4hr Time frame
In the 4hr time frame chart, the CAKE token displayed a morning star candle pattern at the $19 support level, providing an entry opportunity for Crypto traders from strong support. The first strong resistance the token price will face will be around $21. However, for a better confirmation of price continuing with its rally is if the price manages to reclaim the $23 and $26 resistance. The current price is CAKE token is $20.02 with an intraday gain of 4.44%
The MACD indicator (BEARISH) shows the MACD and signal lines are moving below the neutral zone, indicating bearish momentum in the coin. These lines could also be on the brink of a bullish crossover which will confirm a bullish rally.
Conclusion: The technical view of the CAKE token is bullish, and it would be the same till the price manages to sustain above the $19 mark. The token price faces intense buying pressure at this support level displayed by several lower price rejection candles. Thus, the technical chart suggests a HOLD signal for the long traders of this coin.
Support – $19
Resistance – $20.7