🛑🛑🛑 Technical analysis of $CAKE/USDT (1D) 🛑🛑🛑
$CAKE $PEOPLE $BURGER

Indicators and Levels

  1. Parabolic SAR indicator:

    • The Parabolic SAR points are below the current price, indicating a bullish trend. 📈

  2. Indicator Ishimoku:

    • Kijun-sen (purple line) and Tenkan-sen (blue line): Both lines are below the current price, signaling a bullish trend.

    • Ichimoku Cloud: The price has begun to break through the cloud upward, which is a bullish signal. 🌥️➡️☀️

    • Chinkou Span (green line): The lag line is above the price chart, confirming the bullish trend.

  3. Moving averages (MA):

    • MA (7) and MA (25): The current price is above both moving averages, indicating a bullish trend. 📈

  4. Support and resistance levels:

    • Support: Area between $2.543 and $2.872. The price tested this area several times, which confirms its significance. 🔽

    • Resistance: The area around $5.256, where the price has encountered resistance several times. 🔼

Analysis of trends and patterns

  1. Trend line:

    • The chart shows that the price has broken the downward trend line upward, which is a strong bullish signal.

  2. Pattern:

    • An “ascending triangle” pattern is forming, which may indicate a possible continuation of the current upward trend when the resistance level is broken.

Volume and other indicators

  1. Trading volume:

    • Trading volume is increasing, which confirms the current trend. 📊

conclusions

  • Short term: In the short term, CAKE is showing strong bullish signals. The breaking of the Ichimoku cloud and an increase in trading volume confirm this.

  • Medium-term outlook: To continue growth, the price must maintain above the support level of $2.872 and break through the resistance level of $5.256.

  • Long term: To confirm a long-term bullish trend, we need to watch for an increase in trading volume and a breakout of key resistance levels.

Action plan 📈💼

  • Buy: Consider buying the $2.872 support area with a short stop loss below this level. If the price holds above this level and begins to rise, this could be a good entry point.

  • Sell: Selling may be appropriate at the $5.256 resistance area if the price fails to break through this level. It is important to monitor trend reversal signals.

  • Caution: Closely monitor trading volume and indicator signals to make informed decisions. A downward break of the ascending trend line may be a signal to exit the position.

Analysis of the current state of the CAKE asset

The daily chart shows that $CAKE/USDT is in a bullish trend supported by several indicators:

  1. Bullish signal from Parabolic SAR 📈

  2. Ichimoku Cloud Breakout ☀️

  3. Support from moving averages 📈

The price is holding in the area of ​​significant support, and if the current resistance level is broken, further growth can be expected.

#cryptousdua #cake