CAKE Technical Analysis: Will CAKE Prices Sustain Above $5?

With the wedge pattern fallout, CAKE prices take a nose dive below the descending support trendline and aim a fall under $5. Key technical points: The CAKE price approaches the $5 mark. The RSI values drop to the oversold zone. The 24-hour trading volume of PancakeSwap is $193 Million, indicating a downfall of 30%. Past Performance of CAKE CAKE prices show a high momentum breakout rally from the wedge pattern in the daily chart after facing rejection at the 50-day EMA. The downtrend breaks multiple support levels and accounts for a devaluation of 35% last week, and currently stands at the $5 support level. Source-Tradingview CAKE Technical Analysis CAKE prices showcase bearish engulfing candlesticks with higher price rejection in the bullish candle yesterday. Therefore, the price action reflects a surge in the underlying bearishness ready to crack under the $5 mark. The EMAs maintain a bearish alignment in the daily chart and maintains a falling trend reflecting a solid grip of sellers over the trend control. The RSI slope shows a sharp fall from the overbought zone under the influence of the 14-day SMA and approaches the oversold boundary. Thus, the falling slope reflects a potential fall under the $5 mark. The MACD indicator displays a bearish trend in motion after the recent negative crossover below the zero line. Moreover, the bearish histograms gain trend momentum reflecting a surge in selling pressure. In short, the CAKE...