-Price has been stuck within an
-50MA has held as support for a month
Pancake swap has been in a strong uptrend for nearly a month. The rest of the cryptocurrency market has been going berserk as many coins have been surpassing their all time highs. CAKE has been working its way up to its major ever since the start of August. Compared to other coins in its class, CAKE has yet to fully breakout and experience a parabolic push. As long as BTC stays steady, CAKE should soon experience a large parabolic push back near $30.
Shown in light blue, we can see how price has respected the extremely well over the last month. It has kept price very tight with little swings. Each time CAKE has touched either trend, it has gotten pushed to the opposite. At the time of writing, CAKE is attempting to breakout of the top of its channel. Along with this top trend lies the major found at $24.56-$26.53. If Bulls manage to clear this zone along with the top , we may see CAKE surge to its given targets.
Consolidation within this is likely to occur as its one of the largest areas to break for CAKE to go parabolic. In this case it fails to hold this , price will first find support at the bottom trend of its channel. This area is also near a major of $22.98. If bears push price down to this level, there will likely be some type of bounce. In addition to these two supports lie the 50MA. This MA has held price up for a month. If at any time CAKE breaks below this, expect a downtrend to occur.
While looking at the , we can see that strength is hanging out within the over bought territory. CAKE must break out of its channel soon or it will begin to lose strength. Breaking below the 80 value will likely cause a retracement to occur. The has been attempting to break a downtrend line for many weeks now. For CAKE to really see some explosive growth, price must fully break this downtrend line & aim towards the overbought region.
CAKE Intraday Analysis