Will CAKE Price Regain $3 By November End?


21 Nov 2023 11:42 AM

Amid the current market uncertainty in the crypto market, the bullish momentum in CAKE Price has started to wane around the $2.83 mark. The overhead...

  • The article discusses the current recovery trend in CAKE Price, guided by a rising wedge pattern.
  • The buyers have a strong hold over the asset as long as the pattern is active.
  • A breakdown below the pattern's support could trigger a significant downturn.
  • The bullish momentum in CAKE Price has started to wane around the $2.83 mark due to overhead supply and long-wick rejection candles.
  • The recovery trend is still intact on the 4-hour chart, indicating a bullish prediction for the near term.
  • The recovery has formed a rising wedge pattern with dynamic support and resistance.
  • If the bullish momentum continues, the price may rally 20% higher to reach $3.15, with potential targets of $3.5 and $4 if the overhead trendline is broken.
  • Technical indicators suggest buying pressure with a golden crossover between the 50 and 200-day EMAs, but also indicate an exhausted recovery and potential for correction with the ADX indicator.

The article has a generally positive sentiment, highlighting the recovery trend and bullish prediction for CAKE Price. However, it also mentions the possibility of a bearish breakdown and potential correction.

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You May Ask

What is guiding the current recovery in CAKE Price?What could trigger a significant downturn in the price?What is the potential target if the bullish momentum continues?What technical indicators suggest buying pressure and potential for correction?What are the potential consequences of a bearish breakdown in the rising wedge pattern?

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