PancakeSwap

Bitcoin

The post <a href="https://coinpedia.org/price-analysis/cake-price-teases-breakout-are-bulls-ready-to-flip-the-pancake-to-3-5/" rel="noopener noreferrer nofollow">CAKE Price Teases Breakout, Are Bulls Ready to Flip the Pancake to $3.5?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Bouncing back with the marketwide recovery as Bitcoin crosses the $43K mark, the altcoins are gaining momentum. Banking on the newfound momentum, the CAKE price trend returns to form the trend continuation pattern.&nbsp;
With a sharp overnight jump, Pancakeswap is approaching the overhead resistance of $2.74, teasing a breakout rally. Further, this week’s improving sentiments support the possibility of altcoin taking off for a moonshot.&nbsp;
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="479" src="https://image.coinpedia.org/wp-content/uploads/2023/12/06130612/CAKEUSD_2023-12-06_12-12-06-1024x479.png" alt="" class="wp-image-251601" srcset="https://image.coinpedia.org/wp-content/uploads/2023/12/06130612/CAKEUSD_2023-12-06_12-12-06-1024x479.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/12/06130612/CAKEUSD_2023-12-06_12-12-06-300x140.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/12/06130612/CAKEUSD_2023-12-06_12-12-06-768x359.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/12/06130612/CAKEUSD_2023-12-06_12-12-06-1536x718.png 1536w, https://image.coinpedia.org/wp-content/uploads/2023/12/06130612/CAKEUSD_2023-12-06_12-12-06-150x70.png 150w, https://image.coinpedia.org/wp-content/uploads/2023/12/06130612/CAKEUSD_2023-12-06_12-12-06.png 1813w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
Source – <a href="https://www.tradingview.com/x/0HfVylhZ/" rel="noopener noreferrer nofollow">Tradingview</a>
With the increasing momentum, the CAKE price has given a bullish return of 13.71% in the last nine days. Despite the 3% intraday fall, the bullish trend sustains in the PancakeSwap chart.&nbsp;
Currently, the CAKE price trades at $2.49 and forms a bearish candle resembling a shooting star. This warns of a setback if the downtrend continues in the coming sessions and may nullify the bullish pattern.&nbsp;
Nevertheless, the growing confidence of buyers may drive up the momentum in PancakeSwap prices. As of now, the sideline traders are anticipating a bullish break and await the entry opportunity.&nbsp;
Technical Indicators:
MACD indicator: The MACD and signal lines prepare for a bullish crossover in the daily chart and support the possibility of a trend reversal.&nbsp;
EMAs: The rising bullish trend in the 50D and 200D EMA can act as dynamic support in case of a breakdown.&nbsp;
<h2 class="wp-block-heading" id="h-will-the-cake-price-reach-3-5">Will The CAKE Price Reach $3.5?</h2>
If the bulls successfully absorb the overhead supply, the CAKE price could break above the $2.74 resistance level. This would increase the bullish momentum and lead to a more extended uptrend, potentially reaching $3.5 or higher.
If the altcoin cannot maintain its price above the critical support level of $2, it will experience a sharp decline. This could cause the price to fall to its lower support level of $1.60.

CAKE Price Teases Breakout, Are Bulls Ready to Flip the Pancake to $3.5?

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