CAKE Technical Analysis: Will Bulls Outgrow the Falling Channel?

CAKE coin price action shows a falling channel pattern with the bullish wave approaching the resistance trendline. Will bulls surpass the seller’s mark? Key technical points: CAKE coin price approaches the $7 mark. In addition, the price action shows a falling channel pattern. Finally, the 24-hour trading volume of PanCake Swap is $185 Million, marking a 9% fall. Past Performance of CAKE The CAKE coin price shows a price fall from $12.5 to almost $5 mark in 2022; however, the recent surge in buying pressure pushes the price closer to the $7 mark. However, the bullish wave fails to surpass the resistance trendline of the falling channel pattern. Hence, a retracement within the channel seems plausible, which may test the $5 mark. Source-Tradingview CAKE Technical Analysis CAKE coin price action indicates the possibility of a bearish retracement in the falling channel pattern as the selling activity grows near the resistance trendline. However, the breakout possibility remains strong. The crucial EMAs (50, 100, and 200) showcase a bearish alignment with the 50-day EMA providing dynamic resistance. However, the 50-day EMA will result in a price surge to the next crucial EMA, i.e., the 200-day. RSI Indicator: The RSI slope spikes above 50% and sustains in the nearly overbought zone. Furthermore, the 14-day SMA shows a parabolic recovery and aims to cross the halfway mark. MACD Indicator: The MACD and signal lines diverge to regain ...