With a sideways trend growing in the over the past few days, the CAKE price trend shows a lack of bullish momentum to continue the prevailing trend. However, the losing the moment to catchup on the market-wide recovery trend, PancakeSwap delasy the bullish break.
Nevertheless, the price action forms a bullish trend continuation pattern and teases a breakout rally shortly if the buyers hold onto their sentiments. Therefore, the overall sentiment remains optimistic and in alignment with the CAKE price prediction.
Source – Tradingview
With a sideways trend in the daily chart, the CAKE price action forms a symmetrical triangle pattern. Despite being a consolidation pattern, the overall action forms a pennant pattern due to the prevailing uptrend.
As the triangle forces the PancakeSwap price to either breakout or breakdown, the traders are awaiting the outcome. The ongoin brawl shows a stronger bullish side as the buyers challenge the overhead resistance and tease a breakout.
Currently, the CAKE price trades at $2.52 and forms a bullish candle to test the trendline. With the increased chances of breakout, the PancakeSwap buyers may soon line up due to FOMO.
Technical Indicators:
MACD indicator: The MACD and signal lines avoid a death cross but gets closer to each other due the ongoing consolidation. Therefore, the momentum indicator reflects a break it or make it moment for PancakeSwap.
EMAs: Following the golden crossover, the 50D EMA provides a bounce pad for any sudden correction.
Will The CAKE Price Reach $3.50?
Considering the buyers manage to crackdown the overhead resistance trendline, the CAKE price will skyrocket with unleashed momentum. Driving the prices beyond the psychological mark of $3, the uptrend can reach $3.50.
However, if the altcoin fails to sustain above the support trendline, then it will experience a quick fall. This could cause the price to fall to its lower support level of $1.60.
