Pie price consolidates in rising channel, eye-popping $ 28

Last week the price of the cake went up 27 per cent%
Cake price stuck in rising channel
50MA held as support for a month

Did you drop your eye on the cake for $ 28?
The price of pancakes (cakes) has been on a strong upward trend for almost a month. The rest of the cryptocurrency market went crazy, as many coins surpassed all-time records. The price of the pie has moved into the main resistance zone since early August. Compared to other coins of its class, CAKE has not yet fully progressed and has not experienced a parabolic shake. As long as the BTC remains stable, the cake should soon experience a big parabolic retreat around $ 30. 

In the light blue image, we see that the price fits very well with the channel that rose last month. This kept the price very tight with slight fluctuations. Every time the cake touched both trends, it was moving to the opposite side. At the time of writing, the price of the cake is trying to break the channel’s top Trend line.

Along with this main trend, there is a large resistance zone, which is located at $24.56- $ 26.53. If the bulls manage to clear this area along with the top trendline, we could see a jump towards set goals. 

Crepe swap price analysis: CAKE 4-hour chart / USDT

Consolidation within this resistance zone is likely to occur as one of the largest areas for the pie to become parabolic. In this case, if you can’t hold this resistance zone, the price will first find support at the bottom of the channel trend. This area is also near the main support level of $ 22.98. If the bears push the price towards that level, there will probably be some recovery. Next to these two supports is 50 ma. This mother kept the price for a month. If the pie falls below this level at some point, expect a downward trend.

Looking at the stochastic RSI, we see that power is within the purchased zone. The cake must quickly come out of its channel, or it will start to lose its strength. Trap a breakout below 80

Join the Discussion

  • BrokerEUR/USD
    LCG 0.3pips (variable) margin: 3.33%
  • Back to top