CAKE Technical Analysis: Uptrend Within Triangle Prepares Bullish Exit

CAKE price action displays a bull cycle gaining momentum in the symmetrical triangle teasing a potential bullish breakout. PancakeSwap (CAKE) shows a bullish reversal from the $3.5 mark sustaining above the support trendline and crossing the $4 mark. Moreover, the increased buying pressure increases the bullish trend momentum, creating a high possibility of a bullish breakout. Furthermore, the prices approach the 100-day SAM after cracking the 50-day SMA. So, will the sellers at $4.27 fail to contain the growing demand? Key Points: The CAKE price trend sustains above the support trendline. The market price breaks above the $4 mark. The intraday trading volume in PancakeSwap is $48.22 million. Source – TradingView CAKE Technical Analysis The CAKE price shows a bullish reversal within the symmetrical triangle pattern with an increased buying pressure at the support trendline. The reversal rally crosses above the $4 mark and projects an uptrend possibility to the resistance trendline. Currently, the price action displays a Doji candle forming after the 2.50% bullish engulfing candle struggling for a follow-through candle. Moreover, the trading volume supporting the Doji candle warns of an evening star pattern. Nonetheless, if the CAKE prices maintain an uptrend to reach the resistance trendline, the possibility of a bullish breakout will increase. Moreover, the traders can expect the breakout rally to reach the next milestone at ...