- CAKE is trading at $1.21 with an intraday rise of 2.29%.
- The price is presently in a bearish trend.
- The price witnessed an increase of 16% in the market.
The CAKE price has recorded a negative ROI of 55.90% in the last 6 months and 18.78% in the last 3 months. It marked its yearly high of $4.72 in February. As the market turned bullish, the token surged by 16% within a week. The price is currently trying to break the bearish trend and is attempting to break the bearish trendline, but it is getting rejected from the resistance levels from $1.21 to $1.23.
The current scenario of the token looks neutral as the move solely depends on the break of the trendline. It has to get a sizable volume for an upward movement.
The token marked an all-time high of $44.18 on 30th April 2021, and it is 97.25% down from this all-time high. The market cap of the token during the high was $6.62 Billion.
The trading volume has declined by 7.57% in the last 24 hours. The current circulating supply of the token is at 224.75 Million, which is only 29.97% of the total supply. It has a current market cap of $273.08 Million.
Sentiment Analysis
The total volume of the token has declined by 17.1% in a week. It lost its social dominance by 71.41% indicating that the social community is not taking much interest in the token. The bullish sentiment decreased by 72.34% as the volume has dropped and the price has been under a bearish trend. The overall sentiments show bearish sentiments in the market of the token.
Technical Analysis Of CAKE Token (Daily-1D)
As we can see, the CAKE price is getting rejected from the resistance levels from $1.21 to $1.23 in its attempt to break the trendline. It is also moving above the 50-day EMA. The price has to sustain above the 50-day EMA, if it has to break the bearish trend.
If the price breaks the trendline and gains $1.21 to $1.23 as a support level, then it can reach $1.25 and move up to $1.3 after breaking the resistance level of $1.25. The buyers have to be more dominant than the sellers for this move to occur. The social community also has to be active and investing as the current circulating supply is low.
However, If the buyers fail to keep the price above the 50-day EMA then the price can get rejected from the resistance levels from $1.21 to $1.23, and it could then turn bearish. Additionally, If the volume keeps decreasing, then the price can fall to the support level of $1.12 and even lower to the $1.06 support level.
What Indicators Say About the CAKE Token
Relative Strength Index (RSI)
The RSI line is moving at 62.15 points and the SMA 14 is at 44.93 points. The RSI is above the neutral level, the RSI shows its upward movement with the price. It will soon enter the oversold region and till then, the price might move up and then come down.
Moving Average Convergence/Divergence (MACD)
The fast blue line moving average is moving above the red slow line moving average, showing significant increases in the volumes shown in the histogram. It indicates that volume has increased in the daily timeframe, which resulted in the price surge.
CAKE LIVE CHART
Conclusion
The analysis of CAKE price and its price action suggests a potential for a slight upward movement, although there’s also a possibility of a correction from the current level. As the price approaches the oversold region, selling pressure may intensify, placing demands on buyers to support the price. Following a period of healthy consolidation, the price might resume its upward trajectory. To establish a bullish trend, the price needs to remain above the 50-day EMA and successfully break through the existing trendline.
Technical Levels
- Support Level: $1.12 and $1.06
- Resistance Level: $1.21 to $1.23 and $1.25
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.