CAKE, PancakeSwap - Top 20 incoming ?
Hello all,
The CAKE/USDT and CAKE/BUSD pairs run like clockworks these days. Even during the weekend drop, all major levels were respected and the price reacted perfectly upon touching them. Yesterday we saw the pair dropping all the way down to the very, very solid resistance at $19, so now I think we can assume it turned into support on the daily chart (yet to be confirmed on the next test of that level).
So, the price reacted immediately and the trading pair went back into the old $21.5-$25 trading range. Also, regained positions above the 21-day EMA and the diagonal uptrend line.
The bullish scenario here will be to form a solid bullish engulfing candle on the daily chart, then make a quick move to $25 (probably fueled by the recent token burn and the upcoming IFO) with an extension to $45. Such a big move will result in 91 percent of price increase. When added to the current marketcap, it will place CAKE at #22 on CoinGecko's Top 100 list, still way behind the leading DeFi project - UNISWAP.
The bearish scenario will be to loose the range and close below $21, which will put the CAKE/USDT pair in position to re-test the support line at $19.
Regards
The CAKE/USDT and CAKE/BUSD pairs run like clockworks these days. Even during the weekend drop, all major levels were respected and the price reacted perfectly upon touching them. Yesterday we saw the pair dropping all the way down to the very, very solid resistance at $19, so now I think we can assume it turned into support on the daily chart (yet to be confirmed on the next test of that level).
So, the price reacted immediately and the trading pair went back into the old $21.5-$25 trading range. Also, regained positions above the 21-day EMA and the diagonal uptrend line.
The bullish scenario here will be to form a solid bullish engulfing candle on the daily chart, then make a quick move to $25 (probably fueled by the recent token burn and the upcoming IFO) with an extension to $45. Such a big move will result in 91 percent of price increase. When added to the current marketcap, it will place CAKE at #22 on CoinGecko's Top 100 list, still way behind the leading DeFi project - UNISWAP.
The bearish scenario will be to loose the range and close below $21, which will put the CAKE/USDT pair in position to re-test the support line at $19.
Regards
Comment:
I will put an interim target at $35. For now things are going quite smoothly.
