CAKE Price Prediction: CAKE Price Nearing $10 Breakout; Time to Buy?

Brian Bollinger
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
CAKE

The recent correction phase in the crypto market tumbled the CAKE price by 31.4%, bringing it to the 0.618 Fibonacci retracement level($7.5). The buyers reverted the coin price from this support suggesting the traders’ sentiment has flipped from selling the rallies to buying on dips. The altcoin is gradually nearing the $10 resistance for another breakout.

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Key points: 

  • The CAKE chart shows the morning star candle in the weekly time frame chart
  • The 200-day EMA aligned with $11 mounts a strong resistance
  • The intraday trading volume in the CAKE token is $172.8 Million, indicating a 3.82% loss.

CAKE/USDT ChartSource- Tradingview

On March 17th, the Pancake(CAKE) price gave a massive breakout from a four-month-old falling wedge pattern. The sustained bullish momentum drove a parabolic rally to the record high of $11.

However, the recent sell-off in the crypto market plunged the CAKE price to 0.618 FIB($7.5), registering a 30% devaluation. Furthermore, the discounted price attracted many buyers and rebounded the price with an inside candle.

The post-correction rally drove the CAKE price above the shared resistance of $9 and 100-day EMA, intensifying the buying momentum. If buyers sustain this breakout, the altcoin will pump 7% higher to $10.

A daily-candlestick closing above this swing high resistance($10) would indicate the resumption of the bullish rally.

Alternatively, a reversal from the $10 resistance would question the reliability of wedge breakout and may sink the coin price back to $7.45.

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Technical analysis

EMA: The declining 200-day EMA indicates an overall bear trend, whereas the flattish 20, 50, and 100-day EMA reflects a short-term range rally. However, a recent recovery regained these flat EMAs, providing an extra edge to longer traders.

Vortex indicator: the VI+ and VI- indicator reflects a bullish crossover, offering additional confirmation. Moreover, the immediate spread between this line highlights strong buying in the market.

  • Resistance levels- $10, $11
  • Support levels- $8.45 and $7.5
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.