TradeCityPro | CAKE: Slicing Through the Market's Range Box👋 Welcome to TradeCity Pro!
Let's dive into the analysis of Bitcoin and key crypto indices, focusing today on the CAKE coin, as requested in the comments. This coin holds a market cap of $511 million, ranking 93rd on CoinMarketCap.
📅 Weekly Timeframe
In the weekly timeframe, as you can see, there's a very large range box existing from 1.093 to 4.753. This box represents a substantial range, and the price has been in this box for almost three years.
🔍 There's a significant area within this box at 1.549, which currently acts as a very important support. The price has hit this level several times but has yet to break through it.
⚡️ In this timeframe, indicators are not very useful because it's a ranging trend, and in ranging trends, these tools don't perform well. The best tool we can use to analyze a ranging market is support and resistance.
📊 Currently, there is a support at 1.549, as mentioned, which the price has hit several times and has been supported by. If this support breaks, there's another very important support at 1.093, which will be the last support area for the price.
🛒 For buying this coin in spot, there is a very strong supply zone near 4.753. I recommend waiting until this area is broken to start the main bullish trend. This break would signify a potentially strong upward move, so entering before this break could expose you to unnecessary risks given the current ranging conditions.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
