CAKE Price Prediction: Resistance Level of $4.6 May Be Penetrated Upside, $5.0 Level May Be Reached

Buyers opposed sellers at $4.0 Level in the CAKE market

CAKEUSD Price Analysis – October 17

Further increase in the buyers’ pressure will break up the resistance level of $4.6 and CAKE will increase to the resistance at $5.0 and $5.5 levels. In case the sellers break down the support level of $4.3, price may decrease to $4.1 and $4.0 support levels.

CAKE/USD Market

Key levels:

Resistance levels: $4.6, $5.0, $5.5

Support levels: $4.3, $4.1, $4.0

CAKEUSD Long-term trend: Bullish

PancakeSwap is bullish in the daily chart. The buyers are making merry in CAKE market as they refuse to give space to sellers. The price tested the support level of $4.0 on October 13 with the pressure from the sellers. Buyers interrupt the bearish movement and the price increases. The former resistance level of $4.36 was broken upside and the price is testing the resistance level of $4.6 at the moment.

CAKE crossed the 9 periods EMA and 21 periods EMA upside which indicate a bullish momentum. Further increase in the buyers’ pressure will break up the resistance level of $4.6 and the price will increase to the resistance at $5.0 and $5.5 levels. In case the sellers break down the support level of $4.3, price may decrease to $4.1 and $4.0 support levels. The relative strength index period 14 is at 56 levels with the signal line pointing up to indicate buy signal.

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 CAKEUSD medium-term Trend: Bullish

PancakeSwap is bullish in the 4-hour time frame. Sellers were ruling the world of CAKE last two weeks. The bearish momentum push down the price to the low of $4.0 support level. A bullish engulfing candle formed which triggered a bullish trend. CAKE is testing the resistance level of $4.6 after broken up $4.3 level.

PancakeSwap is trading above the 9 periods EMA and 21 periods EMA. The Relative Strength Indicator period 14 is at 67 levels exhibiting buy signal.

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