Where would CAKE go?

Since 2023, CAKE's lowest price has been $1.050. Entering the bull market, CAKE is in a bullish trend when viewed on a daily timeframe. However, some imbalances and demand areas need to be cleared before CAKE continues its bullish trend.

There are a few scenarios:

1. CAKE will take out demand in the $1.908 - $2.022 area and continue its rally
   
2. CAKE closes the imbalance and sweeps the demand area at $1.577 - $1.770 to resume its rally
   
3. Bullish failure if price drops past $1.050
   

Of course, if the higher low at $1.552 is broken, the next support is $1.20.

Disclaimer: This is not a financial advice.