The CAKE token shows an impressive steady uptrend charging straight to the higher level of the chart. The bulls rally has knocked out several strong resistance on its way, providing its traders with some great long opportunities in this coin. Furthermore, today the price has given another breakout from a crucial resistance level of $21.6, and traders should wait for the closing of the candle above this level to confirm it.
Concerning the EMA’s, the CAKE token is currently trading below all the crucial EMA lines 20, 50, and 100, representing a solid bullish trend formation. In addition, the CAKE token also shows 50, and 100 EMA are poised to give a bullish crossover, encouraging the ongoing bull rally.
The RSI (BULLISH) value is at 81, indicating a strong bullish sentiment in the CAKE token as the price has entered the overbought zone.ADVERTISEMENT
The CAKE token provides more confirmation for the market bulls as the price also gives a breakout from the long coming rising pattern channel in the 4hr time frame. The price is yet to give its retest back to the broken trendline, which should validate a genuine breakout and provide a better entry opportunity.
The MACD indicators (BULLISH) show both the MACD and the signal line are moving higher than the neutral zone, indicating bullish momentum in the token.
Conclusion: From the technical perspective, the CAKE token has shown an amazing long opportunity for its trader as the technical chart shows a bullish breakout from a crucial level and a chart pattern together. However, as mentioned above, the CAKE traders can wait for the retest, which will give them a proper confirmation and a better risk to reward entry.