CAKE Technical Analysis: Recovery Teases A Jump To 200-day EMA

CAKE coin price shows a bullish reversal from the 50-day EMA, striving to break above the $9 mark. Will the uptrend reach the 200-day EMA? Key technical points: The prices break above the 100-day EMA. The MACD and signal lines give a bullish crossover. Finally, the 24-hour trading volume of Pancake Swap is $280 Million, marking a 50% rise. Past Performance of CAKE On the 17th of March, the CAKE coin price made an enormous break from a four-month-old bearish pattern of a falling wedge. The enduring bullish momentum caused a parabolic surge to a record high of $11. However, a retracement to retest the 50-day EMA brought a post-retest rally of 15% in the last five days. Source-Tradingview CAKE Technical Analysis The post-correction rally pushed the CAKE price over the shared resistance of $9 and the 100-day EMA, which accelerated buyers’ momentum. If the buyers can hold this resistance level, the altcoin will rise 13.21 percent to reach $10. The crucial daily EMAs (50, 100, and 200) maintain a bearish alignment in the daily chart as the prices break above the 10-day EMA. Hence, the breakout teases a potential price jump to the 200-day EMA. RSI Indicator: The RSI slope shows a diagonal reversal crossing above the 50% line and sabotaging the bearish fall that broke into the nearly oversold zone. Hence, the bullish reversal showcases an intensified uptrend momentum. MACD Indicator: The MACD and signal lines reverse before even touch...