$CAKE has probably hit the bottom

After almost 3 months of downward pressure from its rally that started in July that took it to $26.60. It has been bouncing off the .382 fib retracement and has formed a bull pennant on the weekly chart and it could break very soon. It is also hitting oversold territory on the weekly Stochastic RSI and its smack dab in the middle of the weekly RSI. It looks like it can move to the upside to between $30-$37 if the pennant is to be believed. However that means that it would need to get through the .702 fib retracement level where it was rejected last time.

Now with that said, BNB/BSC is close to all time highs, people will possibly start to sell and take their profits and what better place to put them would be in to a cheap token that happens to be the biggest Binance Smart Chain DEX. Plus the fact that staking $CAKE can net you 72% APY at the moment will entice them to buy and stake. Also having burned more than $104 million this past week and their continuing burning will help move this up.

Looking at the end of the bull run I think $CAKE should be between $88 to $100.

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