Bulls may continue pushing up the CAKE
CAKEUSD Price Analysis – September 12
Should the buyers increase their momentum and penetrate the resistance level at $4.66, the resistance levels of $5.01 and $5.55 may be tested. In case the sellers push down the CAKE, it will be confronted by the barriers at $4.36, $4.20 and $3.70 support levels.
CAKE/USD Market
Key levels:
Resistance levels: $4.66, $5.01, $5.55
Support levels: $4.36, $4.20, $3.70
CAKEUSD Long-term trend: Bullish
PancakeSwap is bullish in the daily chart. The coin has been obeying the bulls’ command since last month. It increases to $4.66 on August 08, it pulled back to retest the support level of $3.70 as a normal phenomenon in a trending market. At the moment, the buyers are returning to the market and the price is increasing gradually towards previous high at $4.66. There is tendency for the price to break up the just mentioned level if buyers increase the pressure.
PancakeSwap is trading above the 9 periods EMA and 21 periods EMA which indicate an increase in the buyers’ momentum. Should the buyers increase their momentum and penetrate the resistance level at $4.66, the resistance levels of $5.01 and $5.55 may be tested. In case the sellers push down the price, it will be confronted by the barriers at $4.36, $4.20 and $3.70 support levels. Meanwhile, the relative strength index period 14 is at 66 levels with the signal line pointing up to indicate buy signal.
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CAKEUSD medium-term Trend: Bullish, 10000X Returns Coming on TAMA
PancakeSwap is bullish in the 4-hour time frame. The coin found support at $3.49 level. Due to low momentum of the bears, the price bounce and increase. It broke up $4.37 and $4.49 levels. It is currently targeting the resistance level at $4.66.
PancakeSwap is trading above the 9 periods EMA and 21 periods EMA. The Relative Strength Indicator period 14 is at 70 levels exhibiting buy signal.
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