CAKE’s price trend shows the possibility of a bullish trend with a Morning Star pattern. The bullish trend may soon challenge the $4 mark and trigger a trend continuation. The possibility of an intraday bounce and breakout could soon lead to a jump to $5.

Turning a slow start to the week into a bullish rally, cake prices are showing a strong bullish trend today. With intraday gains of 2.19%, PancakeSwap price action has formed a morning star pattern at key support levels. #CAKE

This increases the likelihood of an uptrend above the $4 mark to create new swing highs in early 2024. Additionally, this supports our bullish forecast and highlights the strong trend this year.

After several days of sideways trading, it finally bounced higher with the help of the 78.60% trend Fibonacci level. However, the lack of volume support adds to concerns about this new momentum.

The chances of an uptrend in PancakeSwap increase as a strong reversal pattern forms on key demand grounds. As a result, side traders are growing increasingly curious about this altcoin.

Technical indicators:

MACD Indicator: Previous consolidation resulted in a drop in the MACD and signal lines, threatening a negative crossover. However, the new Morning Star may avoid this event.

EMA: The uptrend at the 50-day EMA and 200-day EMA continues, providing dynamic support if the cake price pulls back.

Will it reach $5?

A surge could soon unleash strong bullish momentum and signal a strong uptrend. A quick rebound creates an entry opportunity for side traders.

Additionally, trend-based Fibonacci levels highlight a strong trend that leads above $4 towards the psychological $5 mark.

On the downside, a decline could lead to a break below $3.16.