CAKE/USDT Nears Key Resistance at 2.300, Bullish Momentum Continues
$CAKE
Current Price: CAKE/USDT is trading at 2.239, with an increase of +2.43%.200-Period Moving Average (MA): The price is above the 200-period MA at 1.803, indicating a bullish medium-term trend.VWAP (Volume Weighted Average Price): The VWAP is at 2.201, suggesting that the price is moving upward with significant volume support.Key Indicators:
RSI (Relative Strength Index): The RSI is at 73.89, signaling that the asset is approaching overbought territory. This might indicate a potential short-term correction if profit-taking happens at these levels.
MACD (Moving Average Convergence Divergence):
MACD Line: 0.013Signal Line: 0.045The MACD line is above the signal line, indicating positive momentum and a bullish signal for further upward movement.
Support and Resistance:
Resistance Levels:
Key Resistance: 2.300, this psychological level could be tested soon if the bullish momentum continues.Secondary Resistance: 2.400, another historical level that may act as resistance if the price moves higher.
Support Levels:
Immediate Support: 2.000, this level has shown strength in the past and may act as support during pullbacks.Further Support: 1.800 near the 200-period MA, a critical level to maintain the medium-term bullish trend.
Bullish Scenario: If the price breaks above 2.300, the next target could be around 2.400.Bearish Scenario: A failure to break resistance could result in a pullback toward 2.000 or 1.800.
Disclaimer:
This analysis is for informational purposes only and should not be considered financial advice. Always perform your own research before making trading decisions.
