- The CAKE token price is trading at the supply zone on a daily time frame.
- The CAKE token price is forming an ascending triangle pattern on a daily time frame.
- The pair of CAKE/BTC is trading at the price level of 0.000223 with an increase of 1.29% in the past 24 hours.
The CAKE token price as per the price action is bullish as it manages to hold at the supply zone. The token price has risen back from the demand zone to the supply zone on a daily time frame. Recent bearishness in the overall cryptocurrency market has not affected the token price as it trades in a bullish trajectory. The token price is forming lower low and lower high formation on a weekly time frame. While on a daily time frame the token price is forming higher high and higher low price structure. As of now, the CAKE token price had started consolidating near the supply zone. Despite the strong bearish pressure that prevailed in the market, the CAKE token price had managed to sustain above the demand zone. At present, the CAKE token price is trading above the 50 and 100 Moving Averages. The recent rise in the token price led to the breakout of these important MAs. Moving upwards the token price can be seen resting at these MAs. The CAKE token price is trading at the upper band of the Bollinger band indicator after bouncing off the lower band. Volumes have increased causing the volatility to increase and the tire investor should remain cautious and wait for a clear trend.
The CAKE token price is forming an ascending triangle pattern on a daily time frame
Relative Strength Index: RSI curve is currently trading at the level of 54.45.RSI curve has crossed the halfway mark of 50. As the token price bounces off the demand zone, the RSI curve was seen moving upward crossing the halfway mark of 50, supporting the trend of the CAKE token. The RSI curve has also crossed the 14 SMA downward indicating some bearishness before the further upwards movement. If the token falls below the demand zone, the RSI curve can be seen falling further and if it gives the breakout of the supply zone, the RSi curve can be seen rising higher.
Supertrend: The CAKE token price rose as it faces strong bullish pressure from the demand zone. Until now the token price was continuously facing rejection at the super trend sell line but recent bullishness led to a breakout of the super trend buy line. As a result, the token price rose and the super trend indicator triggered a buy signal. Moving upward the CAKE token price can be resting at the supertrend buy line .
Average Directional Movement Index: The ADX curve is on an uptrend for the past couple of trading days. As the token price rose from the demand zone, the ADX curve was seen supporting the trend. The ADX curve has turned sideways indicating a halt in the price movement. If bulls do not keep the power and the bears take it, the CAKE token can be seen falling from the supply zone. This ADX curve can also be seen rising supporting the trend.
CONCLUSION: The CAKE token price is trading at the supply zone, as per the price action. The token price is forming a bullish chart pattern at the demand zone. If token price breaks the supply zone and starts moving up the technical parameters can also be seen supporting the trend. As of now, it remains to see if the token price will break the supply zone or fails to do so and fall.
SUPPORT: $4.20 and $3.95
RESISTANCE: $5.80 and $6.10