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TradeDog-Research

CAKE-USDT(Hourly TF)

Long
CAKE / TetherUS (BINANCE:CAKEUSDT)  
TradeDog-Research  
BINANCE:CAKEUSDT   CAKE / TetherUS
Chart Patterns Harmonic Patterns Wave Analysis Trend Line Break
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chartpattern harmonicpatterns waveanalysis trendlinebreak

CAKEUSDT has been trading in a descending channel formation and has been flirting with its trendline resistance placed in the range of 15.80-16.00USDT.

In the past 24 Hrs, trading volume(CAKE) has increased sharply by more than 64%. And, the whole DeFi segment has been trading in the positive territory, with UniSwap gaining more than 15% in 24Hrs.

Key Levels to watch out:-


The nearest resistance is placed at 16USDT, if it manages to breach this range decisively, buying momentum is most likely to continue till the first level of 19.5USDT and 21USDT.

The supports to the downside are placed at 12USDT and 10USDT.

Hourly Candle closing above 16USDT will act as a confirmation to go LONG.
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