CAKE Technical Analysis: Failed Bullish Attempt Starts Bearish Drive

Reversal from the $10 mark puts the CAKE coin price back on the bearish tracks, aiming to break below the 50-day EMA. Will the downfall reach $7? Key technical points: CAKE prices rose above the $10 mark. The CAKE prices cling on to the 50-day EMA. The 24-hour trading volume of CAKE is $95.24 Million, marking a 20% hike. Past Performance of CAKE Responding to the recent correction phase in the crypto market, the CAKE price reverted from the $10 resistance and tumbled 24.45%. However, the shared support of 0.618 Fibonacci retracement level and $7.51 mounted strong support and resumed the recovery rally. The buyers pushed the altcoin 28% higher than the previous swing resistance($10); however, the sellers are aggressively defending this level. Source-Tradingview CAKE Technical Analysis Last week, the CAKE chart presented multiple higher price rejection candles at $10, suggesting the traders face intense, supple pressure from above. As a result, the altcoin was turned down again and has breached the immediate support of $8.7 and 100-day EMA. The recent reversal has plunged the CAKE price below the 100-day EMA support and aims Ito knock out the 50-day EMA. Moreover, descending 200-day EMA reflects an overall bearish trend. MACD Indicator: The fast and slow lines sabotage the bullish crossover as the reversal rally puts bears back in control. Hence, the bearish crossover reinstates a downfall and negative trend continuation of the ...