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CAKE price prediction: is the bullish breakout now?

 


The CAKE course is about to make a bullish breakout. How far can the CAKE price then rise - is it enough for a bullish trend reversal?


CAKE Price Prediction: Cake is extremely bullish

The last CAKE course forecast was two months ago. There we had written: “CAKE price is up around 30% in less than three days and could go much higher. At the moment, however, there is a good chance that CAKE has bottomed out at around USD 2.5 and that the next few weeks will be bullish.”


The CAKE course is about to make a bullish breakout

In fact, the following weeks after the last CAKE price forecast were very bullish. The CAKE price has been in an ascending triangle for a few days. CAKE is currently making the third attempt to break the horizontal resistance between USD 4.58 and USD 4.73. A bullish break could see CAKE rally to the 0.382 Fib resistance at the 200-day EMA around $5.5.


If CAKE also breaks this resistance, the next significant Fibonacci resistance is waiting for CAKE at around USD 7.5. In addition, the histogram of the MACDs in the daily chart is ticking bullishly higher and the MACD lines are also bullishly crossed. The RSI is showing a neutral trend, but it is in danger of building a bearish divergence. In addition, the overbought regions are not far away.


A golden crossover was established in the 4H chart

The golden crossover is also active in the 4H chart, which confirms the short-term bullish trend. The MACD, on the other hand, is bearish as the MACD lines are about to cross bearishly. The MACD histogram is ticking bearish lower and the RSI is about to reach overbought regions.


In the weekly chart, the bearish trend line is still waiting as resistance

In the weekly chart, however, the MACD is clearly bullish. The histogram is ticking bullishly higher and the MACD lines are also bullishly crossed. CAKE could now rally to around USD 5.5. This is also where the bearish trend line runs, which has stretched across the high points this year since the beginning of the bear market.


A break of this trend line at the 0.382 Fib level around $5.5 would be extremely bullish. However, the 50-week EMA also runs through the golden ratio resistance at around USD 7.5 at around USD 7.06, which also acts as resistance.


So, the key resistances are around $5.5 and between around $7 and $7.5.


It will hardly be enough for a bullish trend reversal in September

If CAKE breaks these resistances, CAKE could rise to the next Fib resistances around $18.3 and $28. Only when the golden ratio breaks at around USD 28 does CAKE find itself in a new bull cycle, with which CAKE could target or even surpass the ATH at around USD 44.


The CAKE course has already broken out bullishly against BTC

CAKE price has already broken out bullishly against BTC as CAKE broke above the 50-week EMA for the first time since October 2021. CAKE is now encountering the next significant Fib resistances at around 0.000285 BTC and 0.000385 BTC.


In addition, the histogram of the MACDs in the weekly chart has been bullishly ticking higher for several weeks and the MACD lines are also bullishly crossed.


Against BTC, CAKE looks very bullish.


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 taken by the reader based on the information found on our website is entirely at their own risk.

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