Technical Analysis ($CAKE

/USDT

Current Price: 2.519 USDT

Trend: Bullish (up 15.44% in the last 24 hours)

Support Level: 2.060 USDT

Resistance Level: 2.662 USDT

Key Indicators:

RSI: Moderate (around 60), indicating an upward momentum but not yet overbought.

EMA (Exponential Moving Averages): Bullish crossover observed (short-term crossing above long-term), suggesting upward momentum.

MACD: Positive crossover, indicating increasing buying pressure.

Trade Signal:

Momentum: Strong upward trend, indicating potential for continued bullish movement in the short term.

Entry Point: Buy at current levels around 2.519 USDT or on a minor pullback near the support level (2.060 USDT).

Target Levels:

1. Target 1 (Resistance): 2.662 USDT

2. Target 2: 2.750 USDT

3. Target 3: 2.850 USDT

Trade Setup:

Stop Loss: Place a stop-loss around 2.420 USDT to protect from any major downside movement.

Risk to Reward: Good risk/reward ratio as price is showing upward momentum.

Overall, the trade seems favorable for a long position with cautious risk management.

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