CAKE Technical Analysis: How Real Is The Fall To $2?

New year new problems! Maybe not for everyone, but for the CAKE cryptocurrency, this slogan is 100% suitable. Since the beginning of 2022, the CAKE cryptocurrency has faced an update of the local low. Buyers can not stop the downward trend in the market. Looking at the dynamics of the fall and the formed channel of price movement – the prospect of a global fall can only end at around $2. https://www.tradingview.com/x/6cEGPRmt/ During the last weekly candle of 9 May, sellers were able to lower the CAKE price by 50%. The price fall became “happier” after sellers broke the $5.5 mark. The trading volumes on the weekly candle is high. The price rebound after the update of the historical low in the CAKE cryptocurrency is much weaker than in other cryptocurrencies. All these data suggest that the CAKE price has not yet reached the range from which buyers will have enough strength to stop the global depression in the market. At the time of writing, the most realistic scenario is an attempt by buyers to regain the $5.5 mark. However, after failing to break this mark, we expect the global decline in CAKE to continue. After the formation of a new falling momentum, it will be clear whether sellers have enough strength to test $2. Technical Analysis Of CAKE On The Daily Timeframe https://www.tradingview.com/x/NTSR2fD6/ Analyzing the movement of the CAKE price on the daily timeframe, you can see the local zone of ​​price support, from which...