PancakeSwap

The post <a href="https://coinpedia.org/price-analysis/cake-price-eyes-breakout-can-bulls-drive-the-uptrend-beyond-3/" rel="noopener noreferrer nofollow">CAKE Price Eyes Breakout: Can Bulls Drive The Uptrend Beyond $3?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
With a sideways trend growing in the over the past few days, the CAKE price trend shows a lack of bullish momentum to continue the prevailing trend. However, the losing the moment to catchup on the market-wide recovery trend, PancakeSwap delasy the bullish break.&nbsp;&nbsp;
Nevertheless, the price action forms a bullish trend continuation pattern and teases a breakout rally shortly if the buyers hold onto their sentiments. Therefore, the overall sentiment remains optimistic and in alignment with the <a href="https://coinpedia.org/price-prediction/pancakeswap-cake-price-prediction/" rel="noopener noreferrer nofollow">CAKE price prediction</a>.
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="485" src="https://image.coinpedia.org/wp-content/uploads/2023/12/12154149/CAKEUSD_2023-12-12_14-14-03-1024x485.png" alt="" class="wp-image-252955" srcset="https://image.coinpedia.org/wp-content/uploads/2023/12/12154149/CAKEUSD_2023-12-12_14-14-03-1024x485.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/12/12154149/CAKEUSD_2023-12-12_14-14-03-300x142.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/12/12154149/CAKEUSD_2023-12-12_14-14-03-768x363.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/12/12154149/CAKEUSD_2023-12-12_14-14-03-1536x727.png 1536w, https://image.coinpedia.org/wp-content/uploads/2023/12/12154149/CAKEUSD_2023-12-12_14-14-03-150x71.png 150w, https://image.coinpedia.org/wp-content/uploads/2023/12/12154149/CAKEUSD_2023-12-12_14-14-03.png 1813w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
Source – <a href="https://www.tradingview.com/x/9ZeaNAcn/" rel="noopener noreferrer nofollow">Tradingview</a>
With a sideways trend in the daily chart, the CAKE price action forms a symmetrical triangle pattern. Despite being a consolidation pattern, the overall action forms a pennant pattern due to the prevailing uptrend.&nbsp;
As the triangle forces the PancakeSwap price to either breakout or breakdown, the traders are awaiting the outcome. The ongoin brawl shows a stronger bullish side as the buyers challenge the overhead resistance and tease a breakout.&nbsp;
Currently, the CAKE price trades at $2.52 and forms a bullish candle to test the trendline. With the increased chances of breakout, the PancakeSwap buyers may soon line up due to FOMO.&nbsp;
Technical Indicators:
MACD indicator: The MACD and signal lines avoid a death cross but gets closer to each other due the ongoing consolidation. Therefore, the momentum indicator reflects a break it or make it moment for PancakeSwap.&nbsp;
EMAs: Following the golden crossover, the 50D EMA provides a bounce pad for any sudden correction.&nbsp;
<h2 class="wp-block-heading" id="h-will-the-cake-price-reach-3-50">Will The CAKE Price Reach $3.50?</h2>
Considering the buyers manage to crackdown the overhead resistance trendline, the CAKE price will skyrocket with unleashed momentum. Driving the prices beyond the psychological mark of $3, the uptrend can reach $3.50.&nbsp;
However, if the altcoin fails to sustain above the support trendline, then it will experience a quick fall. This could cause the price to fall to its lower support level of $1.60.

CAKE Price Eyes Breakout: Can Bulls Drive The Uptrend Beyond $3?

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