The CAKE coin is currently experiencing a notable recovery, having risen by +15.04% to reach a price of $2.776, approaching the daily high of $2.948.
๐ Technical indicators:
RSI = 55.44 โ in a neutral area leaning towards the upside, indicating moderate momentum and the potential to continue rising.
MACD = -0.012 with a positive crossover near the signal line, providing an early signal for the potential continuation of the upward movement.
The trading volume is relatively high (approximately 92.51M USDT), reflecting an increasing interest from the market.
Stochastic indicator K = 52.376 โ in the middle range, providing a good opportunity to move upwards before entering the overbought area.
๐ Recommendation:
Buying area: Any pullback towards 2.60 โ 2.70 may represent an ideal entry opportunity.
First target (TP1): 2.95 (retesting the daily high)
Second target (TP2): 3.20 (potential Fibonacci extension)
Stop loss (SL): 2.50
๐ Note: Despite the recent strong rise, the RSI indicator is still far from overbought areas, indicating the possibility of continued momentum. However, it is advisable to monitor price corrections.
๐ฌ Summary: CAKE is in a very good technical condition and shows positive indicators for resuming the uptrend. A special opportunity for traders with a watch on support levels.
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