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CAKE course forecast: CAKE is at a turning point

 


The CAKE price has risen sharply in the last three months. But now there could be a turnaround in the upward trend!


CAKE price prediction: is the bullish breakout now?

In the last CAKE price forecast , which is already three weeks ago, we wrote: “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.”


CAKE price is facing significant Fib resistance around $5.55

The CAKE price found a low at around USD 2.5 months ago and has been in a strong upward movement since then. CAKE encounters significant Fib resistance at around USD 5.55 and around USD 7.5.


For a bullish trend reversal, however, CAKE would have to break the Fib resistances at around USD 18.4 and USD 29, from which CAKE is currently still a long way off.


CAKE price is now facing horizontal resistance

In addition, the CAKE course is struggling with significant horizontal resistance at the current price level, which CAKE has not yet been able to really overcome. CAKE has been at this price level of around USD 4.5 for eleven weeks.


In addition, the histogram of the MACDs in the weekly chart has been ticking bearishly lower for several weeks. However, the MACD lines are still bullishly crossed and the RSI is neutral.


In the daily chart, the CAKE price has broken out bearish

On the daily chart, CAKE exited the parallel upward channel and formed a lower high. CAKE briefly fell to around USD 4.09, but encountered significant support at the 0.382 Fib level.


Should CAKE break this support, the next significant Fibonacci support awaits at around USD 3.5. Otherwise, CAKE will find significant support between USD 2.482 and USD 3 at the latest.


In the daily chart, it is currently looking like a bearish trend reversal, with CAKE falling again to the 0.382 Fib level at around USD 4.09. In addition, the RSI is also neutral here.


In contrast, the MACD is giving more bullish signals, because the histogram has been ticking bullishly higher for a few days.

Furthermore, the golden crossover is still intact on the 4H chart, which confirms the trend as bullish in the short term. However, the EMAs are not far apart, which could result in a death cross. Finally, the MACD is already turning bearish as the histogram is ticking bearish lower and the MACD lines are about to have a bearish crossover.


The CAKE course broke out bullishly against BTC months ago

Against BTC, CAKE price broke bullish months ago as CAKE broke above the bearish trendline of the overall bear market and 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.


However, the histogram of the MACDs is already starting to weaken, as it has been ticking bearishly lower for the past few weeks. However, the MACD lines are still bullishly crossed.


In the event of a downward movement, CAKE already finds significant support at the 50-week EMA at around 0.00021 BTC and at the latest between 0.0001223 BTC and 0.00015 BTC.


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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