- The CAKE token gave a bearish crossover of the 20-and-50-day EMA
- The CAKE/BTC pair was trading at 0.0004337 BTC with a loss of 1.37%
- The 24hr trading volume in CAKE token is $358.6 Million
The CAKE token displays a great short opportunity as the price shows a possibility of forming a descending triangle pattern in the daily time frame. The neckline for the pattern is at $18, and the resistance trendline has been respected twice. Once the price breaks down from the bottom support, the crypto traders can enter a quick short trade.
Concerning the EMAs: The CAKE token is trading below the crucial EMA’s of 20, 50, 100, and 200, indicating the bearish trend for this coin. Moreover, the coin also shows a bearish crossover of the 20 and 50 EMA, attracting even more sellers in the coin market.
The RSI currently stands at 42, indicating a slightly bearish sentiment.
The CAKE Token Chart in the 4hr Time frame
The CAKE token rally has retraced back to the 0.618 FIB level, which is crucial in the technical chart and can provide strong support to the price. The current price action indicates a bearish outlook, and a breakthrough from this level will also offer more confirmation for the market sellers. The current price is CAKE token is $18.7 with an intraday gain of 0.8%,
The MACD indicator (BEARISH) shows the MACD and signal lines are moving below the neutral zone, indicating bearish momentum in the coin. However, these lines also offer a bullish crossover respecting the current price action.
Conclusion: The technical view of the CAKE token is bullish, and its chart shows the price is getting good support from the $18 mark. If the price respects the above bearish pattern and breaks down from this level, the hope of continuing the bullish rally will get a huge dent.
Support – $18
Resistance – $20.7