CAKE Price Teases Breakout, Are Bulls Ready to Flip the Pancake to $3.5?

2 months ago 16
Pancakeswap

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Bouncing back with the marketwide recovery as Bitcoin crosses the $43K mark, the altcoins are gaining momentum. Banking on the newfound momentum, the CAKE price trend returns to form the trend continuation pattern. 

With a sharp overnight jump, Pancakeswap is approaching the overhead resistance of $2.74, teasing a breakout rally. Further, this week’s improving sentiments support the possibility of altcoin taking off for a moonshot. 

Source – Tradingview

With the increasing momentum, the CAKE price has given a bullish return of 13.71% in the last nine days. Despite the 3% intraday fall, the bullish trend sustains in the PancakeSwap chart. 

Currently, the CAKE price trades at $2.49 and forms a bearish candle resembling a shooting star. This warns of a setback if the downtrend continues in the coming sessions and may nullify the bullish pattern. 

Nevertheless, the growing confidence of buyers may drive up the momentum in PancakeSwap prices. As of now, the sideline traders are anticipating a bullish break and await the entry opportunity. 

Technical Indicators:

MACD indicator: The MACD and signal lines prepare for a bullish crossover in the daily chart and support the possibility of a trend reversal. 

EMAs: The rising bullish trend in the 50D and 200D EMA can act as dynamic support in case of a breakdown. 

Will The CAKE Price Reach $3.5?

If the bulls successfully absorb the overhead supply, the CAKE price could break above the $2.74 resistance level. This would increase the bullish momentum and lead to a more extended uptrend, potentially reaching $3.5 or higher.

If the altcoin cannot maintain its price above the critical support level of $2, it will experience a sharp decline. This could cause the price to fall to its lower support level of $1.60.

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