#Cake/USDT Technical Analysis:-
TradingView Analysis of CryptoPatel
👉 The current trading price of $Cake is $3.81, and it is trading below the support level as per the 6-hour chart.
👉 The support level at $Pancake has become a strong resistance level, and it is important to monitor this level closely.
👉 If the price remains below the resistance level of $3.82, there is a high possibility of a bearish movement in $Cake.
👉 After the breakdown, it is expected to see a 17% downward movement from the current level, resulting in the target prices of $3.50 and $3.13.
👉 The support levels to watch are $3.50 and $3.13.
👉 If the resistance level of $3.82 is broken, the price may move upwards.
👉 The MACD is converting bearish as per the 6-hour time frame chart.
Summary:-
In summary, the Technical analysis suggests that $Cake is currently trading below the support level, and the previous support level has now become a strong resistance level.
If the price remains below the resistance level, there is a possibility of a bearish movement, with a target price of $3.50 and $3.13.
The support levels to watch are $3.50 and $3.13, and if the resistance level of $3.82 is broken, the price may move upwards.
The MACD is also indicating a bearish movement as per the 6-hour time frame chart.
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