- CAKE Token price consolidates within the $18.5 and $20 range for the past couple of weeks.
- The price action indicates the CAKE coin price approaching a solid support zone of the descending triangle.
- The pair of CAKE/BTC is trading at 0.0003622 BTC with an intraday gain of +7.13%.
CAKE coin price action approaches a solid support zone near the $17.5 mark in the daily chart. Furthermore, the coin price bottles up within the descending triangle.
As per pivot points analysis, the resistance levels for the token are residing at $20.5 and $25 marks. Therefore, if the price takes a bearish reversal, sellers may find opposition at $17.5 or $15.
The CAKE Token price trades at $20.04, increasing 4.53% in market capitalization over the past 24 hours. However, the intraday trading volume has increased by 95% in the past day, indicating a rise in buyers.
CAKE Token In The 4-hour Chart
CAKE token price action indicates a bullish breakout of the resistance trendline in the 4-hour chart. Moreover, the price jump is coupled with an increased trading volume. Thus, a bull run is plausible if the price sustains above the resistance trendline.
The EMAs of the 4-hour technical Chart rise higher in a bearish structure with a sideways movement. However, the price moves above the 200-period EMA. Thus, if the price sustains above the period 200-period EMA, a bullish crossover is possible.
The RSI indicator forecasts a slight surge in underlying bullishness as the slope rises higher in the neutral territory.
The ADX indicator shows a slight rise, indicating growth in trend momentum.
MACD indicators in the daily chart indicate that the MACD and signal lines are moving higher above the neutral area. Thus, it indicates bullish momentum in the token price.
Conclusion – The short-term trend of the CAKE Coin is double-edged from a technical standpoint. However, the current chart of the coin price shows a positive outlook. Moreover, it may soon break the $20.5 mark. So, crypto traders can expect bullish opportunities while they wait until a genuine breakout is confirmed.