Cake Price Prediction - Will It Crash Again?

The token from the decentralized application called PancakeSwap is “Cake”. This coin is paid out as soon as you go into different liquidity pools or stake other coins. Since this coin is distributed regularly and the number of coins on the market is constantly increasing, the price will drop if there are no new buyers. Because of this we want to inform you about the cake course today. Will the price continue to fall in the near future or will there be an increase for the time being? We'll enlighten you!

After the cake course was not spared from the crypto crash, the course was able to recover somewhat. In the recovery phase, however, the price has formed a descending triangle. This triangle breaks out bearish in most cases as this is a continuation pattern. The probability that we break down is about 70%. Because of this, we are expecting a negative week next week. But how far will the price go down?

The target of the descending triangle is around $5.75. Thus, once the price breaks the $6.84 support and thus also breaks out of the triangle, we expect a descent to this level. Normally we consider horizontal support when determining the target. But in this case you can not pay attention to this, since the cake price on the Binance chart was not in this price level in the past. So we can't identify any support either.

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