What does the technical outlook look like for CAKE after the recent rise? #PancakeSwap
📈 We saw a very strong move in September. CAKE rose from around $1.81 at the beginning of the month to the $2.86 region, and then naturally entered a correction phase.
🔎 Right now, the area I am especially watching from a technical perspective is the $2.50–$2.54 range. $CAKE
One of the reasons this area is important is that the price has approached the EMA20 level. Since CAKE is still holding above both EMA20 and EMA50, the medium-term bullish structure remains intact for now.
📊 The daily RSI is around 60. So despite the rise, it is not yet in the classic overbought zone. However, we can see some weakening in momentum on the MACD side.
🚧 On the upside, the first resistance area I will be watching is $2.69–$2.72.
🔥 Above that, I think the $2.80–$2.86 range is the main critical area. CAKE previously faced selling pressure in this region.
🚀 If we see a strong daily close above $2.86 in the coming period, the $3.04 region could technically come back into focus.
📉 On the downside, if $2.50 is lost, I will be watching the $2.46 level first, followed by the $2.31 region. #Cake
👀 In summary, friends, we are seeing a period of consolidation after CAKE’s recent rise. For me, the battle between the $2.50 support and $2.86 resistance will be quite important in determining the next move.
🥞 I will continue to follow the developments on the PancakeSwap side and the CAKE chart.
⚠️ Important Note:
🔸 This post is not investment advice; it is for technical analysis and informational purposes only.
📉 Technical analysis does not guarantee future price movements.
🧐 Don’t forget to do your own research.
📈 We saw a very strong move in September. CAKE rose from around $1.81 at the beginning of the month to the $2.86 region, and then naturally entered a correction phase.
🔎 Right now, the area I am especially watching from a technical perspective is the $2.50–$2.54 range. $CAKE
One of the reasons this area is important is that the price has approached the EMA20 level. Since CAKE is still holding above both EMA20 and EMA50, the medium-term bullish structure remains intact for now.
📊 The daily RSI is around 60. So despite the rise, it is not yet in the classic overbought zone. However, we can see some weakening in momentum on the MACD side.
🚧 On the upside, the first resistance area I will be watching is $2.69–$2.72.
🔥 Above that, I think the $2.80–$2.86 range is the main critical area. CAKE previously faced selling pressure in this region.
🚀 If we see a strong daily close above $2.86 in the coming period, the $3.04 region could technically come back into focus.
📉 On the downside, if $2.50 is lost, I will be watching the $2.46 level first, followed by the $2.31 region. #Cake
👀 In summary, friends, we are seeing a period of consolidation after CAKE’s recent rise. For me, the battle between the $2.50 support and $2.86 resistance will be quite important in determining the next move.
🥞 I will continue to follow the developments on the PancakeSwap side and the CAKE chart.
⚠️ Important Note:
🔸 This post is not investment advice; it is for technical analysis and informational purposes only.
📉 Technical analysis does not guarantee future price movements.
🧐 Don’t forget to do your own research.
