CAKE: Falling Wedge Breakout
PancakeSwap (CAKE) technical analysis:
Trade setup: Bullish breakout from a Falling Wedge pattern, which could signal a trend reversal and upside potential to $4.00 resistance and 200-day moving average.
Patterns: Falling Wedge It usually forms after a downtrend and suggests a potential bullish reversal in the original downtrend. When price breaks the upper trend line the price is expected to trend higher. Emerging patterns (before a breakout occurs) can be traded by swing traders between the convergence lines; however, most traders should wait for a completed pattern with a breakout and then place a BUY order.
Trend: Downtrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Mixed as MACD Line is above MACD Signal Line (Bullish) but RSI < 45 (Bearish).
Support and Resistance: Nearest Support Zone is $3.00. The nearest Resistance Zone is $4.00.
Trade setup: Bullish breakout from a Falling Wedge pattern, which could signal a trend reversal and upside potential to $4.00 resistance and 200-day moving average.
Patterns: Falling Wedge It usually forms after a downtrend and suggests a potential bullish reversal in the original downtrend. When price breaks the upper trend line the price is expected to trend higher. Emerging patterns (before a breakout occurs) can be traded by swing traders between the convergence lines; however, most traders should wait for a completed pattern with a breakout and then place a BUY order.
Trend: Downtrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Mixed as MACD Line is above MACD Signal Line (Bullish) but RSI < 45 (Bearish).
Support and Resistance: Nearest Support Zone is $3.00. The nearest Resistance Zone is $4.00.
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