With today's growth in altcoins, our speculation on CAKE has reached its goal. Just yesterday we looked into the situation with our asset transaction and wrote that we expect the full goal of the setup to be worked out. The goal of $4,470 was achieved and the rate even went higher.
So far, we see no signs of a reversal into a correction for the asset. Therefore, the price can remove stops after the high on February 9, 2023 ($4,734), and test the volume level of $4,932.
We exited the position with a limit order as planned for two reasons:
- The asset has already grown significantly since October - we reached +75.91%, which is a good result for speculation on the spot.
- The key thing is that we still have an investment purchase of the asset in two parts with an average entry price of $2,729. And we will hold it for a long time.
Let us remind you that some kind of announcement is being prepared for March 15, #PancakeSwap , and it may well become the starting point for at least a local correction, “selling on the news.” But in a pronounced bull market - not necessarily. On the contrary, with the strength of buyers, an important resistance may be broken. In the case of #CAKE , the volume level is $4,932. And there it will be necessary to monitor this level and the strength of buyers. The goal in case of a breakdown will be:
- $5.48 (high November 8, 2022),
- $5,810 (level 1.618 according to local Fibonacci),
- $6,009 (volume level).
