- The CAKE token price chart shows the 50-and-200 EMA are on the verge of giving a death crossover
- The CAKE/BTC pair was trading at 0.0003204 BTC with a gain of 4.95%
- The 24-hour trading volume in the CAKE token is $468.1million.
On September 20th, the CAKE token price dropped below the $20.5(0.3 FIB), trying to continue its retracement phase. Furthermore, the token price found good support from the 0.618 and managed to halt this short-term downtrend.
However, even though more than a month has passed, the token price is still wavering between these levels. As for today, the CAKE price is again testing this overhead resistance level.
Due to the sideways movement in CAKE token price, the crucial EMA’s 20, 50, 100, 200 are drawn too close together, making it challenging to trade any signal correctly. Thus, to avoid confusion, CAKE traders can restrict EMA’s to only 50 and 200 EMA to identify the primary trend in this coin, which is bearish as the coin has not yet provided a candle closing above 200 EMA.
The RSI is currently at 53, indicating the market sentiment is bullish.
CAKE Token Chart In The 4hr Time Frame
The CAKE token price shows a rectangle pattern in the 4hr time frame chart. This pattern is usually a break or preparation time for the token price before providing a solid directional move. Thus the crypto trader can grab an excellent long opportunity for trade if the price gives a decisive breakout from either level of this pattern.
The MACD indicator (BULLISH) shows that the MACD and the signal line are moving above the neutral zone, indicating a bullish momentum for cake coin price.
Conclusion: from a technical perspective, the CAKE token price indicates a consolidation phase in its chart, as the price keeps resonating between two definite levels. Thus, the crypto trader should be patient till the token price doesn’t breach either level of this range.
Support – $18.7, 17
Resistance – $20