CAKE Technical Analysis: Failed Breakout Weakens 50-day EMA

The CAKE price chart shows a failed bullish breakout rally reverting to retest the 50-day EMA, threatening a bearish breakout. The bullish reversal from the support trendline in the triangle pattern rises above the 100-day EMA to give a bullish breakout. However, the unleashed momentum bullish momentum failed to keep the CAKE prices above the resistance trendline. So, will the falling prices crack under the 50-day EMA and the support trendline? Key Points: The PancakeSwap price action shows a failed bullish breakout of a symmetrical triangle pattern. The falling prices approach the 50-day EMA teasing a prolonged correction. The intraday trading volume in PancakeSwap is $583 million. Source – TradingView CAKE Technical Analysis The CAKE prices show a bull run of 30% after reverting from the support trendline resulting in the 100-day EMA breakout. Moreover, the price action breaks above the symmetrical triangle pattern and the $4.25 mark. However, the bull run fails to sustain above the 100-day EMA due to the recently declining market conditions with the release of CPI data. As a result, the downtrend breaks below the resistance trendline and approaches the confluence of a 50-day EMA and a support trendline. The daily candle shows higher price rejection after the bearish engulfing candle of 6.13%, reflecting a solid selling spree. If the CAKE prices drop below the 50-day EMA, a downtrend to the next support level of $3.80 seems ...