- CAKE demonstrates bullish market behavior, piercing the upper trendline of the flag.
- The token’s price increased 12.79% in the last 7 days, making it one of the top performers.
- Breakthrough of the current resistance level could lead CAKE to reach $4.959 or higher.
As per CoinMarketCap, the trading volume of PancakeSwap (CAKE) stands at $88,815,460, with a 24-hour decrease of 2.59%. This has led CAKE to secure the 59th position in the cryptocurrency market rank. Currently, CAKE has been trading at $0.08421 with a 24-hours decrease of 1.85%.
The technical analysis of the CAKE/USDT combination is shown in the chart above. Since the beginning of February 2023, CAKE has demonstrated bullish market behavior, piercing the upper trendline to exit its previous bullish flag pattern and moving upwards toward its former resistance level. CAKE looks to be gathering speed right now as it strives to overcome its current obstacle.
An evaluation of the technical indicators shows a positive shift in the Bull Bear Power of CAKE, which has reached a value of 0.110. This trend reversal from negative to positive suggests the potential for a bullish trend to emerge over the near-term horizon.
Additionally, CAKE has been displaying bullish tendencies as it trades above its 200-day Moving Average (MA). CAKE appears to have picked up steam again despite a recent attempt to test and maybe reverse the trend at the 200-MA. The current value of CAKE’s Relative Strength Index (RSI) is 52.95, which denotes a bullish market trend.
Furthermore, CAKE’s price performance has been outstanding, rising 12.79% in the last seven days. As a result, CAKE is now one of the market’s top performers. CAKE could reach a price goal of $4.959 or higher if it can break through its current resistance level. However, if the breakout attempt fails, a retracement to the 200-day Moving Average (MA) level of $4.452 is possible.
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Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
