DreamAnalysis | CAKEUSDT Start Uptrend?
👋 Welcome back to your favorite channel, DreamAnalysis! Today, we're going to analyze one of the key utility coins in the crypto space, PancakeSwap (CAKE), and explore its future potential.
🌐 What is PancakeSwap (CAKE)? PancakeSwap is a decentralized exchange (DEX) built on Binance Smart Chain (BSC). It allows users to swap BEP-20 tokens using the Automated Market Maker (AMM) model. Users can stake tokens to provide liquidity and earn CAKE tokens as rewards.
📊 Weekly Time Frame Analysis:
After being rejected at the top of the weekly box resistance at 4.789, CAKE moved towards the bottom, but this time, it didn’t reach the previous low. This indicates strong buyer momentum and a lack of sellers in the market.
Currently, CAKE is stuck below the resistance at 2.077. If it breaks this resistance with strong volume and RSI confirmation, we can consider a buy position for spot and long-term holding, with a stop loss placed at the bottom of the box around 1.089.
💡 Recommendation: Before investing, I suggest researching the project further to understand if you can maximize your profit. The main trigger for the uptrend will be breaking 4.789, which will mark the start of a solid upward movement.
📅 Daily Time Frame Analysis:
For the third time, CAKE is testing the resistance at 2.055. This time, there’s a higher chance of breaking through because we’ve registered higher lows since 1.41, indicating a stronger upward trend.
Additionally, during this move towards resistance, volume has increased, and the RSI is rising above 70, which is another confirmation that we may break through the resistance. 🔗 Chart Analysis
⏳ 4-Hour Time Frame Analysis:
In this time frame, CAKE has moved up with the help of a parabolic trend, creating higher highs and higher lows. However, the size and number of candles are decreasing, showing signs of trend weakness. But remember, trend weakness alone doesn’t confirm a reversal.
📈 Long Position:
Our entry trigger is clearly set, and upon breaking 2.084, we can open a long position and aim for higher targets.
📉 Short Position:
This largely depends on Bitcoin’s movement. For a short position, we need a trend reversal or a break below the parabolic line and the support at 2.006.
💬 This wraps up today’s analysis. If you found this helpful, feel free to share it with your friends and leave a comment with your thoughts or any other pairs or coins you’d like us to analyze.
📌 These analyses are merely our ideas based on a chart that doesn’t follow strict rules. Technical analysis is an art, and these insights are not financial advice.
🌐 What is PancakeSwap (CAKE)? PancakeSwap is a decentralized exchange (DEX) built on Binance Smart Chain (BSC). It allows users to swap BEP-20 tokens using the Automated Market Maker (AMM) model. Users can stake tokens to provide liquidity and earn CAKE tokens as rewards.
📊 Weekly Time Frame Analysis:
After being rejected at the top of the weekly box resistance at 4.789, CAKE moved towards the bottom, but this time, it didn’t reach the previous low. This indicates strong buyer momentum and a lack of sellers in the market.
Currently, CAKE is stuck below the resistance at 2.077. If it breaks this resistance with strong volume and RSI confirmation, we can consider a buy position for spot and long-term holding, with a stop loss placed at the bottom of the box around 1.089.
💡 Recommendation: Before investing, I suggest researching the project further to understand if you can maximize your profit. The main trigger for the uptrend will be breaking 4.789, which will mark the start of a solid upward movement.
📅 Daily Time Frame Analysis:
For the third time, CAKE is testing the resistance at 2.055. This time, there’s a higher chance of breaking through because we’ve registered higher lows since 1.41, indicating a stronger upward trend.
Additionally, during this move towards resistance, volume has increased, and the RSI is rising above 70, which is another confirmation that we may break through the resistance. 🔗 Chart Analysis
⏳ 4-Hour Time Frame Analysis:
In this time frame, CAKE has moved up with the help of a parabolic trend, creating higher highs and higher lows. However, the size and number of candles are decreasing, showing signs of trend weakness. But remember, trend weakness alone doesn’t confirm a reversal.
📈 Long Position:
Our entry trigger is clearly set, and upon breaking 2.084, we can open a long position and aim for higher targets.
📉 Short Position:
This largely depends on Bitcoin’s movement. For a short position, we need a trend reversal or a break below the parabolic line and the support at 2.006.
💬 This wraps up today’s analysis. If you found this helpful, feel free to share it with your friends and leave a comment with your thoughts or any other pairs or coins you’d like us to analyze.
📌 These analyses are merely our ideas based on a chart that doesn’t follow strict rules. Technical analysis is an art, and these insights are not financial advice.
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