CAKE Technical Analysis: Can CAKE Prices Regain The $8 Mark?

CAKE prices find support at the descending trendline of the falling wedge pattern representing a bullish reversal opportunity to the $8.50 level. Key technical points: CAKE prices sustain above $7. The 50-day EMA provides the first line of resistance. The 24-hour trading volume of PancakeSwap is $168 Million, marking a 10% fall. Past Performance of CAKE CAKE coin price shows a downtrend continuing after facing rejection at the psychological barrier of $10, resulting in a fall of 22% last month. The downtrend action forms a falling wedge pattern and breaks the 50 and 100-day supporting EMAs. However, the recent recovery of 7.2% makes a bullish engulfing candlestick at the support trendline, increasing the chances of reversal. Source-Tradingview CAKE Technical Analysis CAKE/USD price chart shows a Doji candle formation near the 50-day EMA, reflecting a potential reversal possibility. Moreover, the falling trend in the trading volume reflects a weakness in a trend reversal. As the downtrend momentum gains momentum, the crucial daily EMAs develop a sideways trend neutralizing the bullish recovery trend. Moreover, the market price trading below the EMAs signal an overall bearish signal. The RSI slope shows a sideways trend in the nearly overbought territory, reflecting a sideways trend under the influence of the 14-day SMA. Hence, the indicator projects a lack of bullish momentum for an upside rally. The MACD and the signal lines m...