Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
CAKE broke out past a stern resistance level at $1.3.
A retracement could offer a buying opportunity.
PancakeSwap [CAKE] had been in a long-term downtrend in October, but soon began to reverse its fortunes. The prices blasted past the $1.3 resistance in early November, which had been in place since August.
A technical analysis by AMBCrypto dated the 25th of October noted that CAKE was in a long-term downtrend, but a move above $1.3 would be the first sign that bulls were gaining control. This has come to pass, and CAKE reached $2.5- a level it previously traded at in May.
The confluence of multiple factors showed where bulls could look to go long
Source: CAKE/USDT on TradingView
The most recent lower high on the one-day chart was at $1.179 and was breached on the 23rd of October. On the same day, the RSI, which had been resolutely be
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