Bearish Trend: CAKE experiences a substantial 22% drop in the last seven days, approaching the critical 50-day EMA, indicating a bearish trend.
Retest of Golden Crossover: The decline brings CAKE closer to a potential retest of the golden crossover, suggesting a pivotal moment for price action.
Potential Reversal: A bullish reversal from the $2 mark might propel CAKE above $2.75, following a previous high-speed bull sprint above the psychological $1 level.
Volatility at $2: CAKE's price showcases high volatility above $2, witnessing multiple quick pullbacks and bouncebacks, leading to a loss in trend momentum.
Resistance Challenges: Multiple resistance levels challenge CAKE's uptrend post reaching $2.74, resulting in a sharp pullback of 160%, contributing to a recent 22% drop.
Intraday Fall & Correction Phase: Trading at $2.16, CAKE reflects a 1.55% intraday fall, signaling a potential extension of the ongoing correction phase.
RSI Bearish Signal: The RSI indicator displays a bearish phase with declining trends, reflecting bearish divergence in the daily chart.
Critical Support at $2: Buyers need to prove dominance at the psychological $2 mark; failing to maintain this level might initiate a sharp decline to the lower support near $1.60.
Retest of Golden Crossover: The decline brings CAKE closer to a potential retest of the golden crossover, suggesting a pivotal moment for price action.
Potential Reversal: A bullish reversal from the $2 mark might propel CAKE above $2.75, following a previous high-speed bull sprint above the psychological $1 level.
Volatility at $2: CAKE's price showcases high volatility above $2, witnessing multiple quick pullbacks and bouncebacks, leading to a loss in trend momentum.
Resistance Challenges: Multiple resistance levels challenge CAKE's uptrend post reaching $2.74, resulting in a sharp pullback of 160%, contributing to a recent 22% drop.
Intraday Fall & Correction Phase: Trading at $2.16, CAKE reflects a 1.55% intraday fall, signaling a potential extension of the ongoing correction phase.
RSI Bearish Signal: The RSI indicator displays a bearish phase with declining trends, reflecting bearish divergence in the daily chart.
Critical Support at $2: Buyers need to prove dominance at the psychological $2 mark; failing to maintain this level might initiate a sharp decline to the lower support near $1.60.