- The trading volume of CAKE in the last 24hr at the time of writing this article is -6.03%
- The price of CAKE/BTC and CAKE/ETH at the time of writing this article is 0.0004080BTC and 0.005751ETH respectively.
- The price was not able to break the Resistance and bulls pushed the price down.
LONG TERM VIEW:-
In the daily chart time interval we can see the price is going down as the price was not able to beat the resistance of $20, So we can see that the Bears are pushing the price down. Let’s have a look at the technical indicator. We can see that the MACD has started a green histogram, meaning the MACD line is above the Signal line which means a bullish movement. In addition to that we can see that the RSI is the neutral zone near 47 meaning the price can go up and down depending on the volume and we can see the RSI is pointing Sideways. Lastly, we can see that the Moving average, 20MA has crossed the 50MA in a down trend and is between the 50MA and 100MA and we can see the 50MA is acting as a resistance so bulls need a huge volume to break the resistance of 50MA. Having said that, the 20,50,100 MA is above the 200MA.
SHORT TERM VIEW:-
In the 4hr time interval we can see that the MACD has started showing a red histogram,meaning the MACD line has crossed the Signal line in a downward direction and we can see the Change in the sentiment of the people related to the price. In addition to that we can see RSI is in the neutral zone near the 48 and it is pointing towards the oversold zone (30) meaning the bears are winning the fight and pushing the price further down. In the end we can have a look at the moving average as the 20MA is below the 50MA and price is not able to cross the 50MA as it is the resistance.
CONCLUSION:-
Looking at the both long term and short term we can see that the price is bearish as the bulls were not able to break the resistance and bears took control from there as we can see that indicator as bullish in day chart but started to change in the 4hr time interval so we can expect the price to down a little more and from support bounce back up or else will be break from there also.
RESISTANCE:- $20,$21
SUPPORT:-$17,$15