$CAKE
♠️ CAKEUSDT Trading Signal
🟡 Neutral to Bullish Signal
Entry Price: 2.05 (Current Price)
Stop Loss: 2.009 (-2.00%)
Profit Target:
1. 2.081 (+1.50%)
2. 2.112 (+3.00%)
3. 2.142 (+4.50%)
4. 2.173 (+6.00%)
Reason:
1. The price has experienced a rebound after a decline in the past 24 hours and is currently in a potential upward trend.
2. Strong support has been formed near $2.0, and the price has touched it many times but has not fallen below it.
3. The current price is between the 2.0 support level and the 2.1 resistance level, with some room for growth.
4. From the K-line pattern, some long upper shadows have appeared recently, indicating that there is buying support.
Notes:
1. It is recommended to use a small position, with a maximum of no more than 2% of the total funds.
2. Pay close attention to the resistance level of $2.1, and consider a small increase in position after breaking through.
3. Adopt a step-by-step profit-taking strategy and reduce a portion of the position at each target price.
4. If it falls below the support level of $2.0, consider exiting the market early with a stop loss.
5. As a DeFi token, CAKE may be affected by the overall cryptocurrency market, and it is necessary to pay attention to the trend of mainstream currencies such as Bitcoin.
6. Pay attention to the user activity and lock-up volume changes of the PancakeSwap platform, which may affect the price of CAKE.