CAKEUSDT.1DCAKE/USDT daily chart, several critical levels and technical signals stand out. The price is currently trading at around 1.907, and I've identified key resistance and support zones that could shape the near-term price action. Resistance levels are observed at R1 (2.104) and R2 (2.440), while the support levels are located at S1 (1.494) and S2 (1.200). These levels create a framework for potential movement, indicating areas where price reversals or continuations may occur.
The chart shows a descending triangle pattern forming, which often signals bearish continuation but can also act as a consolidation phase before an upward breakout. Currently, CAKE is testing the upper boundary of this triangle near S1. A successful breakout above the descending trendline and R1 could suggest a bullish shift, with a possible target at R2 if momentum strengthens. Conversely, a rejection at this resistance could push the price back toward S1, and if breached, the price might slide further toward S2.
The MACD (12, 26) indicator is slightly positive, with the MACD line crossing above the signal line, indicating a potential shift towards bullish momentum. This crossover suggests that buyers are gaining strength, which could support a breakout scenario if buying pressure persists. However, I’ll monitor the MACD histogram closely, as any decrease in its positive momentum could signal weakening bullish interest.
In conclusion, my outlook for CAKE/USDT is cautiously optimistic. The next few sessions are critical, as a confirmed breakout above R1 would likely set a bullish tone, targeting R2 at 2.440. However, if the price fails to hold above S1, I would anticipate a retest of lower support at S2, around 1.200. I remain observant, ready to adjust my perspective based on the market's reaction at these crucial levels.
