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Cryptoknowmics 2022-08-29 07:14:15

Cake Technical Analysis: Will Prices Pump Again?

Bullish reversal signs within the triangle pattern hint at another bull cycle in CAKE prices. Should you consider buying it? A morning star candle formation at the support trendline indicates the CAKE buyers are attempting a bullish reversal. However, a breakout from the 50-day SMA resistance is needed to confirm a bull cycle. Can buyers pump the prices above the SMA, or will the support trendline fall? Key points: A symmetrical triangle pattern governs the CAKE price. The coin price faces supply pressure at the 50-day SMA. The intraday trading volume in the PancakeSwap is $90.05 Million, indicating a 9.05% gain. Source- TradingView CAKE Technical Analysis The CAKE/USDT technical chart shows a triangle pattern in play. In early August, the sharp correction in the crypto market plunged the prices from the pattern’s resistance trendline to the support trendline. The buyers at the support trendline attempted a bullish reversal, but the increased supply at the 50-day SMA kept the trend contained. Moreover, the opposing SMA plummeted the prices back to the support trendline. If the selling pressure persists, the CAKE price is poised to plunge below the support trendline and trigger the bearish pattern. The breakout rally can fall to the $3.24 mark, accounting for a drop of 15%. On a contrary note, if the buyers rebound the coin price from the support trendline, a possibility to trigger a bull cycle within the pattern emerges again....

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