Nice multi-week flagging structure ready to breakout.
New ATH is possible.
- Orange zone has to hold.
- We have to break out of the descending channel.
- Price might retest the negative trendline upon break.
Buy inside the Orange Zone.
Sell inside the Red Zone.
There is an interesting pattern on the CAKE chart. You can see the trend line, the price has already tested it four times, but has not yet been able to break it. With each test, the resistance is weakening, so we should expect a breakdown of this trend line.
There are two scenarios worth noting:
- If the price reaches a low of $17.7 and then breaks this...
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hi , our general opinion for cake is long in the longterm (when alt season begin),as you know in fib retracement between 0,786 and 0,618 zone is golden packet it means we should test it one day and our weakly strong support is 30$ and also 0,618 retracement is 30$ so our first target for cake is 30$ , second target is 44$ because its ATH . and as you see in...
CAKE / USDT
Cake still moving inside range of falling wedge
and face resistance zone
📌 What are possible next scenarios ?
1- clear breakout and hold above blue resistance zone = pump
2- reject hard again from trendline mean can drop to support around 16$-17$ before next move
Invalidation of any bullish setups=
Loss of green support area by daily...
Cake got out of a decending resistance level and built a cushion around the confluence zone at the 17.55 level
apart from this, the weekly shows a confirmed bullflag which confirms to me a 74% profit potential.
Really good chart and may be ready for another rally.
it also holds strongly in dumps due to the high staking rewards so a drop will be managed.
$CAKE has been in a down trend since April and it is now breaking out with volume. All the indicators are showing bullish signs with every tf flipping into bullish from all smaller timeframes to the htfs till 12 hours are now bullish.
OBV turning green, MACD bullish, RSI holding and breaking downtrend, trendline broken and bullish harmonics.
I am taking entry...
Price being squeezed into a triangle here.
I think we tap the support at just below $18 where we've wicked from multiple times recently.
a break of the descending trend and the triangle is sure to take us to $25.
Golden ratio fib zone coincides with the support level
How I would trade CAKE USDT (4H).
Enter position when triangle breaks out.
Take profit levels:
Target 1 - 21.04$
Target 2 - 21.81$
Target 3 - 22.41$
Target 4 - 23.03$
Target 5 - 24.39$
Trade safely and remember to set your stop losses
Feel free to comment, like, or follow.
The cake can be easily tripled, because it has a lot of potential and is just the beginning. Its market cap is currently around $ 5 billion, and if it grows, it could climb to the top 20, given that other currencies are also growing.