Michaël van de Poppe - 24 September 2022
Trading opportunities at $CAKE
In today's blog article you can find a Technical Analysis on $CAKE!
CAKE - Pancakeswap
We can clearly see that the trend is upwards for CAKE on the daily timeframe. Currently, we are consolidating underneath a heavy resistance area. A break of this area would be crucial to gain upwards momentum and the first level you should be looking at is the level around $5.455.
Zooming in on the 2-hour timeframe on CAKE gives us this potential setup. We can see that we have untapped liquidity at $4.59. Due to the resistance that we have on the daily timeframe, we could see some downward momentum happening. The area you could be interested in for a potential long play would be the green support zone of $4.276-4.313. Your target, in this case, could be the untapped liquidity at $4.59, that was mentioned earlier
In our Trade Letter, we did the same analysis as $CAKE on $XRP, $RSR, and $ADA!
Have a nice weekend!
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