The important resistance area!

CAKE had a range trend during the last week. Its price fluctuates between two very important resistance and support levels corresponding to the 4-hour time frame. The support was considered in the range of $3.42 to $3.65, and its resistance was in the range of $4.10 to $4.20. If the resistance and range of Bitcoin are broken, we can expect to see the price continue to grow until the next target range of $5. Note that the current resistance is very serious and important.

Breaking this range requires the stabilization of favorable conditions in the market. Because it can both increase the trend in the 4-hour timeframe and the price can completely exit the long-term downward channel . For the short-term and in the 1-hour time frame, as long as the support of the $3.82-$3.87 range is maintained, there is a potential to break the resistance. You can also consider a symmetrical triangle pattern for the current price in the same time frame. Failure of the pattern from any side can affect the continuation of the price of this currency. According to the type of candles and most likely, the direction of price departure from the pattern will be from above. In this case, we can expect a further price increase from CAKE after breaking the resistance and pulling back to it.

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