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Bullish Trend Emerges for CAKE; Price Up 12.79% in 7 Days

Published 06/02/2023, 17:31
Updated 06/02/2023, 17:45
© Reuters. Bullish Trend Emerges for CAKE; Price Up 12.79% in 7 Days

  • CAKE demonstrates bullish market behavior, piercing the upper trendline of the flag.

  • The token’s price increased 12.79% in the last 7 days, making it one of the top performers.

  • Breakthrough of the current resistance level could lead CAKE to reach $4.959 or higher.

As per CoinMarketCap, the trading volume of PancakeSwap (CAKE) stands at $88,815,460, with a 24-hour decrease of 2.59%. This has led CAKE to secure the 59th position in the cryptocurrency market rank. Currently, CAKE has been trading at $0.08421 with a 24-hours decrease of 1.85%.

CAKE/USDT 1-Hour Technical Analysis (Source: TradingView)

The technical analysis of the CAKE/USDT combination is shown in the chart above. Since the beginning of February 2023, CAKE has demonstrated bullish market behavior, piercing the upper trendline to exit its previous bullish flag pattern and moving upwards toward its former resistance level. CAKE looks to be gathering speed right now as it strives to overcome its current obstacle.

An evaluation of the technical indicators shows a positive shift in the Bull Bear Power of CAKE, which has reached a value of 0.110. This trend reversal from negative to positive sug…

The post Bullish Trend Emerges for CAKE; Price Up 12.79% in 7 Days appeared first on Coin Edition.

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