CAKE Technical Analysis: Is It Finally Got To The Bottom?

The historical low of the CAKE market frightened investors of this cryptocurrency. Being quite promising back in March last year, market participants began to form a global triangle in the range of $11-$37. However, since July 2021, interest in this cryptocurrency has significantly fallen. This is well monitored by the trading volumes, buyers have not been able to recover after a strong fall wave in May. This is clearly seen in the growth wave between July and August 2021. Small weekly candles at the initiative of buyers and long dances near the trend line of sellers from August to November 2021 confirmed the total weakness of the cryptocurrency. https://www.tradingview.com/x/LjhVujym/ At the time of writing, sellers managed to break the mark of $8.3, which was a historical low. This breakthrough took place in early 2022 with a powerful weekly candle. However, this did not cause any panic on the part of investors. The CAKE price did not continue the aggressive impulse fall. And at a distance of 30% from the previous historical low of buyers became an attractive CAKE price. Looking at the trading week on 14 March, trading volumes increased 3 times. This fact provoked the organization of CAKE buyers rebound. Thus, it can be stated that the CAKE price has reached the local bottom. To turn the local bottom into a global one, buyers should not allow CAKE prices to fall below $ 5.88. Despite signals from buyers about the readiness t...