Will CAKE Price Regain $3 By November End?
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.