#CAKE/USDT - Long - Potential 87.70%Strategy: Long
Exchange: BINANCE
Account: Spot
Entry mode: DCA Limit
Invest: 2.5%
Exit:
• ⎿ Target 3 : 4.73 96.84%
• ⎿ Target 2 : 3.949 64.34%
• ⎿ Target 1 : 2.905 20.89%
DCA Entries
• ⎿ Entry 1: 2.507 - 50%
• ⎿ Entry 2: 2.294 - 50%
• ⎿ Current market price: 2.507
Stop Loss: 1.692 (-29.59%)
Technical indicators:
• ⎿ 24h Volume: 64942633.53774
• ⎿ Satoshis: 2.507
• ⎿ Analysis: TradingView
The dominance cycle in crypto is pretty well defined now, BTC pumps and the profits booked in BTC start filtering through the market as traders speculate on smaller cap assets following BTC's lead.
CAKE is well placed in this cycle both as a mid cap in its own right and as a necessary utility token to facilitate the trading of much smaller caps.
Couple of technicals on the weekly chart, 20 & 5MA's above the 200MA, continuation of a breakout (white diagonal) and the possibility of a cup and handle developing.
The project itself is also expanding with multichain simple staking launching in Q4 and I feel like DEX's will gain a lot of traction in the coming bull run with the 'regulated' sterilisation of the CEX's (and mainstream crypto in general) forcing those looking for more 'fun' investing to explore the swap sites. For me investing in Cake is a way of getting exposure to meme tokens without having to take the risk of selecting them (increasingly difficult).
Definite room for a retrace here (again the possibility of forming a cup and handle), with rejections at 2.823 hence the DCA entries but accuracy isn't really important here as much as just getting into an asset with massive upside potential over the next 6 months.
