okay this is a lot to take in. we only saw 1 tiny correction back around march for cake. so only data we can go off of. if we over lap that pattern to the current pattern we might be able to get an idea how low we can go before another leg up. so far the pattern is pretty close to what we are seeing now. so we just add the tail end. just an idea.
looks like we might finally consolidate around the $40 mark. by the end of the week we will be breaking back down more or testing ath and $50. i personally don't think we will go below $34 again unless we get a massive short term crash. a lot of support at $34. just my opinion.
some of you wanted an update. hard to say what exactly cake will do being in alt season and all. but eventually we will see a pretty decent size correction, first correction to the previous breakout of $36.50 roughly and it lines up perfect with the fib golden pocket. just gotta take one day at a time, alt season can be crazy and have the unexpected pumps.
what do you guys think? we could possibly see another break by monday. do you think cake can break out and push towards $50? or is a time for the pullback? but we can look at this pattern as a bull penant, an ascending triangle, or a double bottom. all 3 give us roughly the same price target which also lines up with a fib level. so we do have some confluence to...
Looks like there's a bit of a bear flag forming on the 1H candles. Of course I hope I'm wrong and we keep moving upward, but if this is a true bear flag, expect a correction at most down to Cake's major support line, after which we should be hopping right back on the gain train!
Also, with the Auto-compounding pools coming out soon, this news should help...
Someone call the police because CAKE has been killing it and it does not want to stop.
As the premier DeFi project on the Binance Smart Chain, CAKE has been growing in leaps and bounds.
CAKE already hit the $38 dollar target and appears to have another 2x or 3x in it before it slows down.
At the time of writing CAKE is sitting at a market cap of 6.4B dollars....
cake is killing and passing targets like its nothing. only t/a to really go off of is fib levels when in price discovery. $45 is a fib and if we can pass that next stop is $48! until we consolidate or something can't go off of much. maybe a retest of some break outs.
CAKE's price is going up but the volume is low, this indicates a divergent situation. RSI is overpriced, this could be a phenomenon called power zone, where the price will keep going up due to retail's excitement. so, based on my analysis the price will keep going up until $46-47 and then going down to the trend line i draw. im using snr and trend line drawings,...
i Check my all custom indicators on cake busd to get any bullish sign but it seems cake is done here and need to retrace to demand zone in order to pick some genuine volume.
also, its a dex platform so its hard to say anything about the volume cause its diversified in dex and binance so binance could be on low vol as compare to pancake dex.