Will CAKE Price Predictions Of 50% Hike To $3.5 Hold True?

With a fresh breeze of recovery in the last few days, the CAKE price forms consecutive bullish candles. Marking a reversal to complete a bullish pattern in the bigger picture, the buyers anticipate a second breakout rally in PancakeSwap prices. 

Sustaining above the crucial psychological mark of $2, the token price triggers an entry spot for sideline buyers. Capitalizing on the improving sentiments this week, the altcoin is on its way to proving the PancakeSwap price prediction of $3.5 true.

Despite the recent fallback from the $2.74 mark, the CAKE price regains bullish consciousness close to the $2 mark. With lower price rejections at $2.15, the comeback rally has shown 6% growth in the last three days and teases a jump to $2.74.

Analyzing the previous long-term trend, the PancakeSwap price trend forms a big cup and handle pattern. Initiating the groundwork in the bear phase of Summer, the token price shows a neckline at the $2.74 mark. 

As the ongoing recovery approaches the neckline, the buyers complete the handle part and tease an upside break. Currently, the CAKE price trades at $2.32 with an intraday gain of 1.73%, reflecting the growing bullish momentum.

Technical Indicators:

RSI indicator: The RSI line makes a rounding reversal from the halfway line, reflecting a bullish revival. Moreover, the momentum indicator teases a bullish break as the underlying demand grows. 

Will The CAKE Price Reach $3.5?

If the bulls manage to absorb the overhead supply, then the CAKE price can lead to a bullish breakout of the $2.74 mark. Further, this will increase the bullish momentum, resulting in a longer uptrend, potentially beyond $3.5.

If the altcoin fails to keep the price above the critical support level of $2, the price will fall sharply. This could cause the price to drop to its lower support level of $1.60.