$CAKE has 2 ways to breakout#CAKE has two options in my opinion:
Scenario A:
- the volume increases and on a daily timeframe we can see a possible breakout of the first resistance. So far the support is holding.
Scenario B:
- if the volume decreases we can see a possible retrace but soon it will be possible to re-try and finally break the resistance.
IMO the scenario A is more what will happen. In both of the cases, buckle up! NASDAQ:CAKE can easily reach the old time high, other folks are saying it can even reach $100 in this bull run.
Do always your diligence and take profit along the way. My strategy is to take 25% to all my targets, for instance:
- take 25% profit when it reaches 10$
- 25% when it reaches $20
- 25% if it reaches $40
- the rest will ride until I think it's the ATH
