CAKE Price Eyes 26% Gains Inside Ascending Channel

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CAKE price is moving higher as currently under the exponential run, the price records 20% gains since the beginning of the week. The recent upswing is expected to continue as there is no major resistance appears on the daily framework, from here CAKE attempts another leg-up.

CAKE price continues to scale higher since April 12.
Investors shall expect an ascent of 26% inside the ascending trend channel.
The price is bouncing off the $5.5 to $7.90 demand zone, suggesting the presence of buyers.

CAKE price gives a buying opportunity

Source: Trading view

CAKE price surged nearly 92% after falling from the swing highs of 13.34 made in late December. This upswing in the price pushed the token from $10.31 the levels last seen in January. However, with a broader crypto market sell-off and profit-booking by investors, CAKE retreated from recent highs of $10.31 to $7.58.

On the daily chart, the demand zone extending from $5.5 to $7.92 inside the ascending channel, proves to be a vital support area that contains the intense selling pressure. After a swing low at $7.5 on April 12, the price has surged 35% and is currently reading at $9.6.

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From here on, we expect a 26% rally that could retest the first upside filter at $11.06. An acceptance above this level is crucial for the bulls to make a jump toward the highs of $12.50. Hence, the resistance barrier would test the bull’s persuasion.

On the flip side, a daily candlestick below the $9.16 would invalidate the bullish theory for CAKE price as it would result in a lower low. In that case, the odds might get skewed on the bear’s side and could end in crashing the price towards $8.0.

As of publication time, CAKE/USD is trading at $9.60, up 4.64% for the day.

Technical indicator:

RSI: The daily relative strength index pierced above the average line on April 19, and continued to trades higher. It reads at 64.

 

 

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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