Price Analysis View Non-AMP

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

Published by
Sohrab Khawas

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.

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.

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