Technical Analysis for CAKE/USDT
Current Price: $4.18
24h High: $4.515
24h Low: $2.950
Price Change: +31.57% (indicating strong upward momentum)
Trade Signal: Bullish Momentum
CAKE has been experiencing strong bullish momentum, reflected by the +31.57% increase in the last 24 hours. The price is currently moving upward, breaking through resistance levels.
Key Levels & Targets:
1. Target 1: $4.50 – Near-term resistance, close to the recent 24h high.
2. Target 2: $4.80 – Next resistance level, if the momentum continues, which could be a more significant level.
3. Target 3: $5.10 – A possible price extension if the bullish trend holds.
Trade Momentum:
RSI (Relative Strength Index): Likely to show increasing strength, suggesting that the momentum is on the upside. Be mindful of potential overbought conditions.
MACD (Moving Average Convergence Divergence): If showing positive divergence, it confirms strong buying pressure.
Support Level: The recent low at $2.950 serves as a strong support if price pulls back.
Note: Always consider setting stop-loss orders to protect your position in case of a sudden reversal, and monitor the market for any signs of weakening momentum.
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