Technical Analysis for $CAKE

/USDT:

Current Price: $2.53 (up +2.68%)

Support/Resistance Levels:

Support: $2.45 (recent low)

Resistance: $2.58 (recent high)

Indicators:

Relative Strength Index (RSI): Approaching overbought territory (~70), indicating potential short-term consolidation or retracement.

Moving Averages (MA): 50 MA > 200 MA, showing a bullish trend.

Volume: Increasing volume suggests active participation, supporting the upward movement.

Trade Signal:

Buy Signal: If price holds above $2.50, consider entering a long position.

Sell Signal: A drop below $2.45 may trigger an exit or short opportunity.

Target Levels:

1. First Target: $2.60 (next resistance level)

2. Second Target: $2.75 (higher range resistance)

3. Third Target: $3.00 (psychological resistance level)

Momentum:

The trade momentum remains positive with an overall bullish market sentiment, though caution is advised near the overbought RSI levels.

Stop Loss: Set at $2.45 to manage risk.

Always keep an eye on market conditions and adjust trades accordingly.

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