CAKE Technical Analysis: Will Cakeswap Prices Exceed The $5 Mark?

The CAKE price has increased phenomenally by 27% over the past four days reflecting a boom in buying pressure. Will this bull run exceed the $5 mark? Key technical points: The CAKE prices jumped by 1551% in the last 24 hours. The phenomenal bullish engulfing candle cracks above the $4 mark. The 24-hour trading volume of Cakeswap is $185 Million, indicating a hike of 152%. Past Performance of CAKE On the 27th of July, the CAKE price retreated from the support trendline with the formation of a hanging man candle. The resultant run-up accompanied by improved market sentiment pushed 27% higher and surpassed resistance levels of $3.55 and the $4 mark. Additionally, the breached $3.55 mark represents neckline resistance of the ascending triangle pattern, indicating the possibility of a retest. Source- Tradingview CAKE Technical Analysis If the CAKE prices show an outstanding follow-up candle, buyers need to offer a candle that closes above $3.85 to confirm the breakout. If the retest is successful, then resistance will be turned into a feasible bullish launchpad to boost further recovery. The bearish influence decreases sharply as the market value exceeds the 50-day SMA and approaches the 100-day SMA at $4.5. The remarkable bull run reflects a boom in underlying bullishness evidenced by the reversal in the daily RSI slope breaking the overbought boundary at 70%. Furthermore, the MACD indicator showcases the fast and slow lines avoid...