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Cryptoknowmics 2022-09-28 13:13:34

CAKE Technical Analysis: Triangle Breakout Rally Slowly Gains Speed

The CAKE Technical Analysis shows a breakout rally gaining momentum as the buying pressure increases. Will this rally reach the 200-day EMA? The CAKE price action displays a rising trend within a triangle breakout consisting of multiple lower rejection candles. The breakout rally exceeds the consolidation range with the overhead resistance at $4.5. So, should you consider buying PancakeSwap with this range breakout? Key Points: The PancakeSwap price action teases an uptrend to $5. The MACD indicator shows a bullish trend growing stronger with new positive histograms. The intraday trading volume in PancakeSwap is $55.02 million. Source – TradingView CAKE Technical Analysis As mentioned in our previous analysis, the CAKE price action shows a bullish reversal from the 100-day EMA, giving a successful post-retest reversal. Moreover, the reversal rally breaks the consolidation range height at $4.5, giving another breakout entry opportunity. The reversal rally accounts for a 12% growth last month, increasing the possibility of a bullish crossover between the 50 and 100-day EMA. Furthermore, the increasing number of lower price rejection candles driving the uptrend shows a high likelihood of an uptrend to the 200-day EMA. The intraday trading volume shows few spikes in buying pressure supporting the bullish candles, increasing influence over the price chart. So, if the buying pressure sustains, the CAKE price action will continue the...

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