CAKE TOKEN Price Analysis: CAKE token price is trading at a make-or-break level, what’s next?
- The CAKE token price is trading at the supply zone on a daily time frame.
- The CAKE token price forms an ascending triangle pattern on a daily time frame.
- The pair of CAKE/BTC is trading at the price level of 0.0002234 with an increase of 3.10% in the past 24 hours.
CAKE token price is trading near the supply zone of $5.10, as it tries to break it. CAKE token price has bounced off the demand zone as the token price follows bullish momentum. At present, the token price is trading in a small narrow range and a breakout on either side will trigger a big move. As the CAKE token price moves higher it is forming higher high and higher low formations in a 4-hour time frame. While on a weekly time frame the token price is still bearish as it forms s lower low and lower high price structure. The CAKE token price is trading above the 50 Moving Average and 100 Moving Average. This comes after the token price broke these MAs during a recent bullish move to the supply zone from the demand zone. Going forward the token can be seen taking support at these MAs. The CAKE token price is currently trading at the upper band of the Bollinger band indicator after bouncing off the lower band of the Bollinger band indicator. The CAKE token price has already given a breakout of 14 SMA as the token now retests the yellow line. Volumes have increased as the token price hovers near the supply zone. This will lead to an increase in volatility.
The CAKE token price is forming an ascending triangle pattern on a daily time frame
Moving Average Convergence Divergence: MACD indicator has given a positive crossover as the token forms a bullish chart pattern on a daily time frame. The token bounced off the demand zone which resulted in a positive crossover. The blue line crossed the orange line on the upside. As soon as the token breaks the supply zone on the daily time frame the MACD line can be seen widening, supporting the trend.
Supertrend: The CAKE token can be seen moving up as soon as the token reaches the supply zone. The token is hovering around the supply zone. The CAKE token zone has already crossed the super trend sell line which was acting as a strong supply zone. This comes after the token price bounced off the demand zone with strong bullish pressure. As a result, the super trend indicator triggered a buy signal. Although the token price is yet to break the supply zone, moving upwards the token price can be seen resting at the super trend buy line.
Average Directional Movement Index: ADX curve has been dipping on a weekly time frame as the token continues to fall. In a 4-hour time frame, the ADX curve has dipped out of the 30 mark and has turned upwards. As seen in the 4-hour time frame the ADX curve has risen above the zone indicating strong bullishness. As the token price hovers around the supply zone, the ADX curve is still pointed upside. Investors should wait for a breakout of the supply zone with a positive candle formation.
CONCLUSION: The CAKE token price is trading at the short-term supply zone, as it forms a bullish chart pattern on a daily time frame as the price action suggests. The technical parameters have turned positive as the token price rose to the supply zone from the demand zone. As of now, the token price is consolidating. It remains to see if the token price will break the supply zone and start moving up after consolidation or break the demand zone and fall. Investors should wait for a proper signal of breakout on either side and then act accordingly.
SUPPORT: $4.316 and $4.135
RESISTANCE: $5.420 and $5.120