$CAKE faced a clear rejection from the $3.47 resistance zone, confirming bearish control in the short term. After an initial recovery attempt, the price was unable to sustain momentum above the rejection area, signaling potential continuation toward lower supports around $3.10.

Trade Setup (Short Position):

Entry Zone: 3.36 – 3.38

Target 1: 3.25

Target 2: 3.15

Target 3: 3.09

Stop Loss: 3.48

$CAKE structure remains bearish below the $3.47 resistance, with strong rejection wicks confirming sellers’ dominance. The 1H chart shows potential for another downward leg if the price closes below $3.30. Traders should monitor volume behavior for confirmation of further downside continuation.