The rising wedge breakout rally shows an uptrend continuation in CAKE prices breaking the 100-day SMA. Will the uptrend break the $5 mark? Key technical points: The PancakeSwap(CAKE) price has increased by 20% in the last five days to break above the $4.27 mark. The post-retest reversal with long-wick candles approaches the overhead resistance at $5. With a market cap of $633 Million, the intraday trading volume of PancakeSwap has increased by 39% to reach $91.54 Million. Past Performance of CAKE As mentioned in our previous article, the CAKE prices approach the overhead resistance at $4.27, accounting for a price jump of 12%. Moreover, this week’s spike in trading volume this week results in a breakout rally exceeding the $4.27 mark. The breakout rally over the last five days shows a jump of 20% and approaches the overhead resistance at $5. Source- Tradingview CAKE Technical Analysis Earlier this week, the CAKE price witnessed a rise in buying pressure undermining the sellers at $4.27. However, the breakout rally shows a higher price rejection in the daily candle teasing a retracement to retest $4.27. The fall of bearish opposition by the 100-day SMA remains a crucial buying signal as it unleashes the trapped bullish momentum. The RSI slope displays a gradual rising trend in the overbought zone with the support of the 14-day SMA line. Hence the technical indicator maintains a bullish outlook for the upcoming price trend. The ...
