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CAKE Price Prediction: Is CAKE Breaking Bullish Now?

 


The cake price held up quite well during the FTX debacle, which dragged many cryptocurrencies to a new low for the year.


CAKE Price Prediction: Will Cake Fall Below Yearly Low?

In the  last CAKE Price Forecast , which was two weeks ago, we wrote: “The CAKE price was bearishly rejected at the 0.382 Fib resistance at around $ 5.55 and has subsequently corrected to the golden ratio at around $ 3.5 . In the daily chart, the MACD is currently clearly bearish, because the histogram is ticking bearishly lower and the MACD lines are bearishly crossed.


In addition, there is a death cross in the daily chart, which confirms the bearish trend in the short to medium term. CAKE is now finding the next significant Fib resistances around $ 4.3 and $4.7 .”

A bullish divergence formed in the RSI on the daily chart, after which the CAKE price has already risen by around 15%. In addition, the histogram of the MACDs ticks bullishly higher and the MACD lines also crossed bullishly.

This puts the CAKE price back at the trend line resistance, which CAKE was previously able to bullishly break. In addition, significant Fib resistance awaits just above between USD 4.2 and USD 4.26 and the 50-day EMA, which also acts as a significant resistance.


If CAKE breaks these resistances, CAKE could target the golden ratio at around USD 4.75. If the golden ratio breaks, the corrective movement would be over for the time being.

A death cross has formed on the 4H chart, confirming the trend in a bearish short-term. However, here too the histogram of the MACD is ticking bullishly higher and the MACD lines are bullishly crossed.


In the short term, things are looking bullish for the CAKE price. In addition, a golden crossover could soon be established, which would negate the death cross. This would then also confirm the short-term bullish trend.

CAKE price did not fall to a new yearly low instead CAKE did not even reach the support between USD 2.48 and USD 3 . Still, two weeks ago, CAKE was bearishly rejected at the 0.382 Fib resistance around $ 5.55 . Now, CAKE could break the trendline and re-target the 0.382 Fib resistance around $ 5.55 .


After that, significant resistance awaits at the 50-week EMA at around USD 6.25 and at the golden ratio at around USD 7.5 . In the weekly chart, the MACD lines are still bullishly crossed, but the histogram of the MACDs has been ticking bearishly lower for a few weeks.


The RSI is showing itself neutral and CAKE is about to break the trend line in a bullish manner. So in the short to medium term things are looking rather bullish for CAKE.

The CAKE price is at the trend line of the entire bear market, where CAKE was initially rejected. A break of the trendline would be very bullish, after which CAKE price could target the Fib resistances around $ 18 and $30 . With the golden ratio breaking around $ 30 , CAKE is in a new uptrend.

Against BTC, the CAKE price is in a strong bullish move for the sixth straight month. CAKE is facing significant Fib resistance around 0.00002844 BTC, while key Fib supports await around 0.00021 BTC and 0.0000175 BTC .


If CAKE breaks the golden ratio support bearishly at around 0.0000175 BTC , CAKE will only find significant support again between 0.0001223 BTC and 0.000145 BTC . On the other hand, if CAKE breaks the 0.382 Fib resistance at around 0.00002844 BTC , the next significant Fib resistance is waiting at around 0.00004 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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