After a long down trend and reaching a new ATL at $1.126 on september 24th, CAKE seems to slowly regain some positive momentum, but for how long?
As you can see in our graph, the CAKE is moving since several weeks in the "Extremely Oversold" zone of the BRS as well as the "Clearly Oversold" zone of the PMB. Both the PMB and BRS sent DCA-buying signals, a total of 6 in the last 44 days and 11 for the last 140 days, with a maximum buy price of $1.861.
Regarding the short positive momentum it gained over the last days, we can see that the Strength Reversion (BSR) hasn't sent an overbought signal yet, but that the price of the asset is close to this zone. We will have to wait the next few days to see if CAKE reaches a resistance with the BSR Upper Line, or if it will pass it and use it as a short term support.
All in all, CAKE still seems to be in an overall downtrend and in a good zone to continue accumulating. We will have to wait for a stronger signal to think about reaching prices that are interesting to start DCAing in a sell direction.
What do you think? Will CAKE reach a new All-Time-Low? Or will it start to slowly switch to an uptrend?
As you can see in our graph, the CAKE is moving since several weeks in the "Extremely Oversold" zone of the BRS as well as the "Clearly Oversold" zone of the PMB. Both the PMB and BRS sent DCA-buying signals, a total of 6 in the last 44 days and 11 for the last 140 days, with a maximum buy price of $1.861.
Regarding the short positive momentum it gained over the last days, we can see that the Strength Reversion (BSR) hasn't sent an overbought signal yet, but that the price of the asset is close to this zone. We will have to wait the next few days to see if CAKE reaches a resistance with the BSR Upper Line, or if it will pass it and use it as a short term support.
All in all, CAKE still seems to be in an overall downtrend and in a good zone to continue accumulating. We will have to wait for a stronger signal to think about reaching prices that are interesting to start DCAing in a sell direction.
What do you think? Will CAKE reach a new All-Time-Low? Or will it start to slowly switch to an uptrend?