CAKE Technical Analysis: Buyers Retain $3.80 With Hopes To Reach $5

The CAKE prices retest the $3.85 bullish breakout and show a post-retest reversal. But will this rally reach the $5 mark? Key Technical Points: The PancakeSwap (CAKE) price action shows a bullish breakout of the rising wedge pattern. The bullish reversal from the $3.85 mark teases a trend continuation to the $4.27 level. With a market cap of $569 million, the intraday trading volume of PancakeSwap has dropped by 44% to reach $68 million. Past Performance of CAKE As predicted in our previous article, the CAKE prices show a post-retest reversal from $3.85 with low price rejection candles retesting the broken resistance trendline. Moreover, the bullish reversal comes with a morning star pattern formed by the police engulfing the candle of a 4% jump last night. However, the buyers will have to undermine the higher price rejection due to the selling pressure near the $4.27 horizontal level. Source – Tradingview CAKE Technical Analysis As the CAKE price trend takes a bullish reversal after retesting the broken $3.85 marks, we see a jump in the intraday trading volume. This reflects an increase in the bullish commitment teasing a bull run. With the bullish turnaround in the 50-day SMA, the possibility of a price jump above the 100-day SMA increases. However, the prices will have to undermine the selling pressure near the 100-day SMA. The RSI slope is able to maintain the upward trend in the nearly overbought area indicating an increa...