Comprehensive Analysis of the CAKE/USDT Chart1. **Key Support and Resistance Levels**:
- **Resistance**: There are two major resistance zones on the chart:
- The first zone is between 5.500 and 5.800 USDT.
- The second zone is between 6.580 and 6.965 USDT.
These areas are highlighted in red and indicate significant selling pressure where the price is likely to encounter resistance.
- **Support**: The major support zone is around the 2.500 USDT price level. This area is marked in green, indicating significant buying pressure where the price is likely to find support.
2. **Liquidity Levels (LIQ)**:
- **LIQ (weekly)**: Located around 1.206 USDT and 7.500 USDT.
- **LIQ (daily)**: Located around 6.580 USDT and 0.994 USDT.
Price Movement Prediction:
- **Upward Movement**:
- If the price can break through the resistance at 5.500 USDT, it may move towards the higher liquidity targets at 6.580 USDT and then 7.500 USDT. These areas are indicated by blue lines and can be considered potential targets for upward movement.
- **Downward Movement**:
- If the price falls below the support at 2.500 USDT, it may decline towards the weekly LIQ around 1.206 USDT. This level can be considered a target for downward movement.
Conclusion:
- For short-term traders, monitoring price movements around the key resistance and support zones is important. Traders can look for signs of price reversal in these areas.
- For long-term investors, focusing on liquidity levels and overall price movement predictions can aid in better decision-making. If major resistances are broken, a move towards higher liquidity targets is likely, and if key supports are broken, a move towards lower liquidity targets is likely.
