CAKE Technical Analysis: Breakout Rally Failing To Jumpstart An Uptrend

The CAKE technical analysis displays a bullish failure to rise above the $4.55 resistance despite the bullish breakout of a symmetrical triangle. The CAKE price action shows a bullish breakout of a symmetrical triangle struggling to rise above $4.55, leading to a potential sideways shift between $4.27 and $4.55. However, the lack of volume support to the breakout rally predicts a downtrend to the 50-day EMA, close to the support trendline. Key Points: The PancakeSwap prices show a failing breakout rally to exceed the $4.55 mark. The merged MACD and signal lines represent an increase in uncertainty. The intraday trading volume in PancakeSwap is $42.32 Million. Source-Tradingview CAKE Technical Analysis The CAKE price shows a solid bullish support trendline in the daily chart, constantly providing bouncebacks to bearish retracements. The recent bullish reversal from the confluence of the 50-day EMA and the support trendline leads to a bullish breakout, as forecasted in our previous analysis. However, the solid bearish opposition at the $4.55 mark, the previous swing high of a fakeout, contains the breakout rally. And the increased selling activities at the overhead ceiling led to multiple higher price rejection candles. Currently, the daily candle takes the shape of a dragonfly pattern with 14 hours left on the clock. Therefore, an increase in selling pressure can result in an influential bearish engulfing candle breaking under ...