With a sideways trend growing in the over the past few days, the CAKE price trend shows a lack of bullish momentum to continue the prevailing trend. However, the losing the moment to catchup on the market-wide recovery trend, PancakeSwap delasy the bullish break.
Nevertheless, the price action forms a bullish trend continuation pattern and teases a breakout rally shortly if the buyers hold onto their sentiments. Therefore, the overall sentiment remains optimistic and in alignment with the CAKE price prediction.
Source – Tradingview
With a sideways trend in the daily chart, the CAKE price action forms a symmetrical triangle pattern. Despite being a consolidation pattern, the overall action forms a pennant pattern due to the prevailing uptrend.
As the triangle forces the PancakeSwap price to either breakout or breakdown, the traders are awaiting the outcome. The ongoin brawl shows a stronger bullish side as the buyers challenge the overhead resistance and tease a breakout.
Currently, the CAKE price trades at $2.52 and forms a bullish candle to test the trendline. With the increased chances of breakout, the PancakeSwap buyers may soon line up due to FOMO.
Technical Indicators:
MACD indicator: The MACD and signal lines avoid a death cross but gets closer to each other due the ongoing consolidation. Therefore, the momentum indicator reflects a break it or make it moment for PancakeSwap.
EMAs: Following the golden crossover, the 50D EMA provides a bounce pad for any sudden correction.
Considering the buyers manage to crackdown the overhead resistance trendline, the CAKE price will skyrocket with unleashed momentum. Driving the prices beyond the psychological mark of $3, the uptrend can reach $3.50.
However, if the altcoin fails to sustain above the support trendline, then it will experience a quick fall. This could cause the price to fall to its lower support level of $1.60.
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