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A morning star candle formation at the support trendline indicates the buyers are attempting a bullish reversal. A significant surge in volume activity bolsters the bullish recovery. However, a breakout from the resistance is needed to confirm a bull cycle. Can CAKE buyers revert the prices higher, or is more correction required?
Key points Of CAKE Technical Analysis:
- A broadening channel pattern governs the CAKE price.
- The coin price faces support pressure at the 20-and-50-day EMAs
- The intraday trading volume in the Litecoin coin is $465.5 Million, indicating a 21.6% gain.
Source- CAKE/USD chart by Tradingview
The CAKE/USDT technical chart shows a broadening channel pattern in play. During the August third weeks, the widespread correction in the crypto market reverted the prices to the support trendline.
In theory, the bearish continuation pattern encourages sellers to break the lower trendline and extend the ongoing correction significantly. Currently, the altcoin is moving just above the trendline and trading at $3.79.
If the selling pressure persists, the CAKE price will plunge below the ascending trendline and trigger the bearish pattern. This post breakdown rallied 25.5% down to hit the $2.83 support.
On a contrary note, if the buyers rebound the coin price from the support trendline, a possibility to trigger a bull cycle within the pattern emerges again. However, the altcoin has to reclaim the immediate resistance of $4 to give a better confirmation for a bull rally. Doing so, the prices may drive 14% higher to hit the $4.68 mark.
Technical indicator
EMAs: the 20-and-50-day EMAs walking a lateral path, indicating a sideways market in the short term. Moreover, these EMAs on the verge of bearish crossover give an extra edge to support trendline breakdown.
Relative strength index: the daily-RSI slope is wavering below the neutral line, reflecting the bearish market sentiment.
- Resistance Levels: $57 and $26
- Support Levels: $52.2 and $47
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