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CAKE Price Prediction: Cake is extremely bullish



 CAKE price breaks the 50-day EMA bullishly around $3,585, standing above the 50-day EMA for the first time since April. The MACD is very bullish in the daily chart, because the MACD lines are bullishly crossed and the histogram is ticking bullishly higher. The RSI is neutral, but is gradually reaching overbought regions.


The CAKE price only encounters resistance again at around USD 4.85 and until then the way is clear. If CAKE breaks this resistance, significant Fibonacci resistance awaits CAKE at around USD 5.27.


If CAKE also clears the 0.382 Fib level at around USD 5.27, the gates are open for a rise to the golden ratio at around USD 7, with the 200-day EMA already acting as significant resistance at around USD 6.5.


Golden crossover on the 4H chart confirms the bull trend in the short term

A golden crossover has now established itself in the 4H chart, which confirms the short-term bullish trend. In addition, the MACD is also very bullish here, because the MACD lines are bullishly crossed and the histogram is ticking bullishly higher.


If CAKE corrects in the short term, significant Fibonacci support is already waiting at around USD 3.776 and around USD 3.5. In addition, the 50-day EMA at around USD 3.6 serves as significant support.


CAKE price could now rise to USD 4.85

In the medium term, however, there is no indication that CAKE should not rise to the horizontal resistance at around USD 4.85. Also in the weekly chart, the MACD lines are bullishly crossed and the histogram is ticking bullishly higher.


Should the crypto market nevertheless make a sudden turnaround and fall heavily, CAKE will find significant support between USD 2.48 and USD 3 at the latest. Currently, however, the chances are good that CAKE has found its bottom at around USD 2.5 and that the next few weeks will be bullish.


At around USD 8.12 at the latest, the decisive resistance for CAKE awaits, because there CAKE meets the 50-week EMA, above which CAKE has not stood since November. So, a price level above the 50-week EMA would definitely indicate a bullish reversal.


Will the CAKE price still close bullish this month?

It will be a very close race whether or not CAKE will create another bullish candlestick formation this month. Because for this, CAKE would have to be above USD 4.648 in less than 72 hours and remain above it at the turn of the month. This would make the prospects for the following month of August extremely bullish.


In addition, there is horizontal resistance between around USD 8.8 and USD 9.8, which also represents a major hurdle should CAKE bullishly break the 50-week EMA.

Against BTC, the CAKE course is currently at the 0.382 Fib resistance at around 0.00017 BTC. If CAKE breaks this resistance, the next significant Fib resistance awaits at around 0.0002 BTC.


CAKE finds support at around 0.000127 BTC at the latest. Two months ago, CAKE was able to rebound strongly there.


Disclaimer

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action that the reader takes based on the information found on our website is entirely at their own risk.

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