- The CAKE coin price has surged by 1.37% in a week but declined by 10.33% in a month and 72.87% in a year.
- CAKE coin’s price is trading below the 50 and 100 Exponential Moving Average.
- The price has melted down more than 97% from its high value.
Market Capital of the CAKE Coin – $254.363 Million
Current Market Price of CAKE Coin – $1.180
Cake Coin Overview:
The CAKE coin price is currently trading at $1.180, down by $0.005 (0.42%). The coin price has surged over 1.37% in a week. It indicates that the buyers are trying to push the price up from the lower levels. However, the price has declined by over 10.33% in the month and 72.87% in a year, which shows that the price is under a very strong bearish grip.
The CAKE coin price has melted down over 97% from its high ($44.278), which it created in April 2021. The price since then has been declining on every rise which indicates that there is a massive sell-off going on in this coin. If we look at the chart of other Cryptocurrencies, all have witnessed the same for 2 years.
Technical Analysis of CAKE Coin:
The CAKE coin price has broken the important support level of $1.214 as the price has witnessed a huge fall of 7.01% in a day. The price held that level for quite a long time, but the support was tested a lot and the buyers were not able to defend the price. The sellers conquered that level.
The CAKE coin price has formed a new support near the $1.128 level, which is also the low of 11 September’s candle. It continuously follows the same pattern of testing the resistance and breaking the support. Now, the price has already tested the resistance level and started to fall.
Currently, the price is facing some rejection from the first resistance drawn in the chart, and taking support from the swing low. The price is trading at its all-time low levels which indicates that the price is strongly bearish.
CAKE token’s price is trading below both the important Exponential Moving Averages of 50 and 100. The EMAs are present at $1.298 and $1.504 levels which is near to the resistance levels. The EMA will provide some necessary support to the sellers to push the price down. Relative Strength Index is currently at 35.56 which is favouring bears.
Conclusion
The overall trend of the CAKE coin is downward, and the price has recently breached the support level, indicating that the selling pressure is still there in the coin. The coin has tested the resistance level and is showing some weakness now. The price can now try to test the support levels. As the token price is looking weak, it can also try to break the support level.
The RSI is also showing a bearish momentum in the stock, which can lead to further downside. If the price breaks the first resistance level, then it can try to go towards Resistance 2 at the $1.307 level.
Technical Level
Resistance – $1.214 and $1.307
Support- $1.128
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.