DreamAnalysis | CAKEUSDT Start Uptrend?👋 Welcome back to your favorite channel, D reamAnalysis! Today, we're going to analyze one of the key utility coins in the crypto space, PancakeSwap (CAKE), and explore its future potential.
🌐 What is PancakeSwap (CAKE)? PancakeSwap is a decentralized exchange (DEX) built on Binance Smart Chain (BSC). It allows users to swap BEP-20 tokens using the Automated Market Maker (AMM) model. Users can stake tokens to provide liquidity and earn CAKE tokens as rewards.
📊 Weekly Time Frame Analysis:
After being rejected at the top of the weekly box resistance at 4.789, CAKE moved towards the bottom, but this time, it didn’t reach the previous l ow. This indicates strong buyer momentum and a lack of sellers in the market.
Currently, CAKE is stuck below the resistance at 2.077. If it breaks this resistance with strong volume and RSI confirmation, we can consider a buy position for spot and long-term holding, with a stop loss placed at the bottom of the box around 1.089.
💡 Recommendation: Before investing, I suggest researching the project further to understand if you can maximize your profit. The main trigger for the uptrend will be breaking 4.789, which will mark the start of a solid upward movement.
📅 Daily Time Frame Analysis:
For the third time, CAKE is testing the resistance at 2.055. This time, there’s a higher chance of breaking through because we’ve registered higher lows since 1.41, indicating a stronger upward trend.
Additionally, during this move towards resistance, volume has increased, and the RSI is rising above 70, which is another confirmation that we may break through the resistance. 🔗 Chart Analysis
⏳ 4-Hour Time Frame Analysis :
In this time frame, CAKE has moved up with the help of a parabolic trend, creating higher highs and higher lows. However, the size and number of candles are decreasing, showing signs of trend weakness. But remember, trend weakness alone doesn’t confirm a reversal.
📈 Long Position:
Our entry trigger is clearly set, and upon breaking 2.084, we can open a long position and aim for higher targets.
📉 Short Position:
This largely depends on Bitcoin’s movement. For a short position, we need a trend reversal or a break below the parabolic line and the support at 2.006.
💬 This wraps up today’s analysis. If you found this helpful, feel free to share it with your friends and leave a comment with your thoughts or any other pairs or coins you’d like us to analyze.
📌 These analyses are merely our ideas based on a chart that doesn’t follow strict rules. Technical analysis is an art, and these insights are not financial advice.
