- CAKE price is showing a massive bounce in the intraday session.
- Buyers looking to regain their strength soon.
CAKE token price is having a downtrend in the past trading sessions and makes a fresh 52 week low of $1.506. Then a bounce was noted on the charts which shows buyers are willing to regain the strength and accumulate the token which resulted as a intraday gain of 6.50% in the last session.
However, CAKE was indicating a negative outlook in the recent trading sessions, because of the breakdown of support mark and token. When price breaks the mark of $2.470, then sharp decline was noted which led to heavy declines.
Buyers led a bounce in the intraday session to recover the positions and the retracement will be observed for the next session, if follow on buying came then the immediate resistance of $2.00 have to be watched.
Recent selling in CAKE token gave strength to sellers who continued to make short positions and succeed in breaking multiple support marks and did not take a pause near any support resulting in fresh lows.
When writing, the CAKE token trades at $1.75 with an intraday gain of 6.50% showing temporary bullish indications. Moreover, the pair of CAKE/BTC is at 0.000065 BTC, and the intraday trading volume increased by 8.70% to $31.61 million. The day high of CAKE is $1.760, and the daily low is $1.642 The market cap of CAKE is $610.49 Million.
Daily Charts in Favour of Sellers
On the daily charts, CAKE token is looking for a retracement which led to an intraday gain of 6.50%. Moreover, if further buying was there, then the token will face sharp rejection near $2.00.
The ongoing trend is showing volatility with rise in sellers participation who continued to make short positions in the past trading session and led the downtrend of the CAKE token.
What Traditional Indicators Say?
On the 4 hour charts, CAKE token is showing a rebound amid the recent breakdown on the charts. Furthermore, the token is under the hands of sellers and more volatility will be continued till the token trades below 20 day EMA.
The RSI sharply rose towards the overbought zone and will retrace soon, so buyers are still cautious. Moreover, a positive divergence was noted which led to the bounce of the token.
The MACD indicator also began an up move after the long bearishness in the charts. Moreover, bullish crossover was noted which signals a fresh trend reversal.
Conclusion:
CAKE token price was under the hands of sellers and strongly bearish indications was floated in the past sessions, but a bounce will justify that buyers are now accumulated the token.
Technical Levels:
Support Levels: $1.40
Resistance Level: $2.00 and $2.30
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.