PancakeSwap

The post <a href="https://coinpedia.org/price-analysis/cake-price-jumps-21-to-cross-3-50-can-buyers-reclaim-5/" rel="noopener noreferrer nofollow">CAKE Price Jumps 21% To Cross $3.50, Can Buyers Reclaim $5?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
With the bullish trend continuation gaining momentum, the CAKE price crosses the $3.5 mark. This marks a bullish milestone for the PancakeSwap native token. However, the uptrend struggles to sustain momentum, leading to a quick fallback.&nbsp;
The strong trend comes after a reversal from the fake breakdown of a symmetrical triangle pattern. Hence, the overall trend in the PancakeSwap native token has an extremely bullish vice, fueling the optimistic <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/2023/12/27121935/CAKEUSD_2023-12-27_11-46-56-1024x485.png" alt="" class="wp-image-256574" srcset="https://image.coinpedia.org/wp-content/uploads/2023/12/27121935/CAKEUSD_2023-12-27_11-46-56-1024x485.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/12/27121935/CAKEUSD_2023-12-27_11-46-56-300x142.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/12/27121935/CAKEUSD_2023-12-27_11-46-56-768x363.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/12/27121935/CAKEUSD_2023-12-27_11-46-56-1536x727.png 1536w, https://image.coinpedia.org/wp-content/uploads/2023/12/27121935/CAKEUSD_2023-12-27_11-46-56-150x71.png 150w, https://image.coinpedia.org/wp-content/uploads/2023/12/27121935/CAKEUSD_2023-12-27_11-46-56.png 1813w" sizes="(max-width: 1024px) 100vw, 1024px">
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Source – <a href="https://www.tradingview.com/x/9ZeaNAcn/" rel="noopener noreferrer nofollow">Tradingview</a>
Breaking the sideways trend with a bounce back from $2.15, the CAKE price action finds sharp increases in the bullish momentum in small bursts. Making bullish engulfing candles on certain days with significant jumps fuels the uptrend in PancakeSwap.&nbsp;
With the recent jump of 21% overnight, the PancakeSwap rallies to $3.50 and even challenges the $3.79 mark before facing overhead resistance. Due to this, the intraday pullback takes a severe toll on CAKE price with a 5.88% drop and warns of a deeper retest.&nbsp;
Currently, the CAKE price trades at $3.50, forming a bearish piercing candle warning of a retest. Generally, after a long bullish engulfing candle, a retest is possible to the 50% mark of the candle. In this case, it comes to around $3.229 and shows a possibility of retesting it.&nbsp;
Technical Indicators:
MACD indicator: The MACD and signal lines continue to be bullish after the recent positive crossover event. This increases bullish histograms’ intensity and reflects a trend momentum rise.
DMI: The VI lines gain a significant gap after the crossover, with the ADX line rising to reflect the rise in momentum. Thus, the indicator shows a high momentum bullish spree in motion.&nbsp;
<h2 class="wp-block-heading" id="h-will-the-cake-price-reach-5">Will The CAKE Price Reach $5?</h2>
The CAKE price skyrocketed with unleashed breakout momentum and showed a short-term pullback with the intraday fall. The quick fall brings entry opportunities for sideline traders. Further, the trend-based Fibonacci levels highlight a strong trend, while a retest is possible to the 61.80% level at $3.16. Hence, the two close support levels are at $3.22 and $3.16.
On the bullish side, the uptrend can scale to $4.47 or $4.81 in the first week of 2024 if the bullish trend sustains.&nbsp;

CAKE Price Jumps 21% To Cross $3.50, Can Buyers Reclaim $5?

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