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CAKE could taste yummy after a flip of $11.1 to support

CAKE could taste yummy after a flip of $11.1 to support

Disclaimer: The findings of the next evaluation are the only real opinions of the author and shouldn’t be thought of funding recommendation

The token of the decentralized trade PancakeSwap, CAKE, has had an excellent run prior to now week or two as the value appreciated by almost 60% as soon as the value retested $6 as help. On the time of writing, the PancakeSwap token traded at $9.87, simply beneath the psychological $10 stage. There was some proof to counsel that the likelihood of CAKE climbing previous $10 and $11 was good within the weeks to come back.

CAKE- 1D

PancakeSwap has seen some bullish momentum recently, but there remains one more critical zone of resistance to beat

Supply: CAKE/USDT on TradingView

CAKE has damaged the February highs at $8.72. Furthermore, the value has additionally established highs for the month of March at $9.53. Subsequently, within the subsequent month, these two ranges are prone to function help ranges.

On the time of writing, CAKE was buying and selling simply above the $9.67 horizontal stage, which has had some significance prior to now. For example, it served as help in March and June final 12 months.

Additional to the upside, the $10 mark represents a psychological stage of resistance for the value, with $10.66 and $11.12 additionally being ranges to be careful for.

In yellow are plotted the Fibonacci retracement ranges primarily based on CAKE’s transfer south from $20.5 to $5.31 from November to mid-March. The retracement ranges are additionally prone to act as resistance on the best way up.

Rationale

PancakeSwap has seen some bullish momentum recently, but there remains one more critical zone of resistance to beat

Supply: CAKE/USDT on TradingView

On the each day chart, the RSI has been under the impartial 50 line since October, with temporary forays above. This was indicative of a gradual and robust downtrend. Nevertheless, prior to now couple of weeks, the RSI has shot upward and stood at 75 on the time of writing. This steered that the downtrend may need been damaged.

Together with the clues from the value motion, it appeared attainable that CAKE would push larger. The OBV additionally has been pushing larger in current weeks and reveals that purchasing stress was behind the current rally.

Conclusion

The symptoms confirmed a attainable shift in momentum, alongside a robust demand behind the rally of CAKE from the $6 lows. The value motion steered {that a} transfer towards $11.1 might materialize within the subsequent few days. A flip of $11.1 to help might current one other shopping for alternative.

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