PancakeSwap CAKE price is trying to break up from downtrend
The CAKEUSDT price has been in a falling trend channel since April 2021.
In fact, almost immediately after "the hype CAKE" exited into the market, when the price of CAKE rose from $10 to $44 in a month, the search for a fair market price began.
Looking at the chart, we can see aggressive buying of CAKEUSD from $3
After, buyers of PancakeSwap twice time bought back the price from the critical $3.60 level, giving him the status of a "mirror"
Roughly speaking, we can say that a price zone of $3-5 is a zone of fair market price, which satisfies both buyers and sellers for the last six months.
Therefore, in case of positive developments in the cryptocurrency market, we can expect the CAKEUSDT price to exit the falling channel.
The first task of buyers is to break through and consolidate above $5.50.
If this condition is met, in the medium term, you can start dreaming about growth to the region $8.75 - 9
If the wave of negativity again covers the crypto market and the price of CAKE drops below $3.60, then it is not worth buying CAKE again before $2.90-3.
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In fact, almost immediately after "the hype CAKE" exited into the market, when the price of CAKE rose from $10 to $44 in a month, the search for a fair market price began.
Looking at the chart, we can see aggressive buying of CAKEUSD from $3
After, buyers of PancakeSwap twice time bought back the price from the critical $3.60 level, giving him the status of a "mirror"
Roughly speaking, we can say that a price zone of $3-5 is a zone of fair market price, which satisfies both buyers and sellers for the last six months.
Therefore, in case of positive developments in the cryptocurrency market, we can expect the CAKEUSDT price to exit the falling channel.
The first task of buyers is to break through and consolidate above $5.50.
If this condition is met, in the medium term, you can start dreaming about growth to the region $8.75 - 9
If the wave of negativity again covers the crypto market and the price of CAKE drops below $3.60, then it is not worth buying CAKE again before $2.90-3.
_____________________
Did you like our analysis? Leave a comment, like, and follow to get more
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