CAKE coin price action shows a solid bearish candle with significantly higher price rejection reflecting a boom in selling pressure. Key technical points:
- CAKE prices have decreased by 0.39% in the past 24 hours.
- In addition, the prices sustain above the 100-day EMA.
- Finally, the 24-hour trading volume of PancakeSwap is $441.03 Million, marking a 106% rise.
Past Performance of CAKE
The CAKE coin price action shows a bullish reversal from the $5 mark resulting in a reversal that creates a rounding bottom pattern. The bullish rally of 100% within three weeks surpasses the neckline at $8.5 and 100-day EMA and reached the $10 mark.
CAKE Technical Analysis
CAKE coin price action failed to sustain near the $10 mark as sellers regained trend control resulting in a higher price rejection. Hence, a reversal is in order to retest the $8.5 mark. The crucial daily EMAs (50, 100, and 200-days) display bearish alignment, but the bullish rally resulted in a reversal in the 50-day EMA. Hence, the EMAs project a high possibility of bullish crossovers. RSI Indicator: The RSI slope exits the overbought zone as it falls under the 70% boundary. Moreover, the 14-day SMA fails to support the uptrend indicating a significant surge in selling pressure. MACD Indicator: The MACD and signal lines get closer to each other testing an end to the uptrend with a bearish crossover. Moreover, the falling trend of the bullish histogram reflects the high possibility of a downtrend. The CAKE technical analysis reflects a possible retest of the $8.5 mark as the sellers showcase increased activity.
CAKE coin price experienced a remarkable increase in selling pressure near $10, projecting a high possibility of a downtrend reaching $8.50. Furthermore, the downfall could continue to the $7 mark if the selling continues. Support Levels: $8.5 and $7 Resistance Levels: $10 and $12