CAKE is forming an ascending triangle pattern that suggests bullish pressure is building and the stage is set for a move.
Price is currently testing resistance around $2.90–$3.10, with a confirmed breakout likely opening targets at $3.40, $3.75, and $4.40.
The 200-day moving average and rising RSI suggest momentum is supported and bulls are in control as structure holds up.
PancakeSwap (CAKE) is approaching a key breakout, and it has a strong bullish build on the daily time frame. Price action is signaling that we could get a continuation pattern, which, if confirmed, could send prices higher very quickly.
Ascending Triangle Builds Breakout Tension
Jonathan Carter recently highlighted a potential bullish setup on CAKE/USDT. According to him, the daily chart shows an ascending triangle, a pattern often preceding upward breakouts. The horizontal resistance between $2.90 and $3.10 has been tested repeatedly. At the same time, rising higher lows show increasing buyer strength.
https://twitter.com/JohncyCrypto/status/1946522777424421337
Besides, the pattern indicates strong accumulation under a rigid price ceiling. The support trendline is holding, and buyers continue to push higher on every dip. This setup implies a growing likelihood of a bullish resolution.
The 200-day moving average has been reclaimed. It now acts as dynamic support and boosts bullish conviction. The Relative Strength Index (RSI) also trends higher, nearing overbought levels. This supports the idea of increasing momentum from bulls.
Consequently, a confirmed close above $3.10 could complete the triangle breakout. This would likely open doors to targets at $3.40, $3.75, and $4.40. Notably, the $4.40 level also aligns with a high-volume node on the visible range profile. Hence, this marks a price zone of strong historical interest.
Key Levels to Watch Ahead
The price is hovering at $2.64 as of writing. It's 1.87% lower in 24 hours but 5.21% higher on the week. The price has consolidated just under resistance suggesting that buyers are gearing up for their next attempt to breakout.
Additionally, repeated tests of resistance confirm strong market participation. Bulls are applying steady pressure. If volume spikes and price clears $3.10, a swift rally is likely to follow. However, failure to break could push CAKE back toward $2.40–$2.50. That zone may present new long opportunities.
Traders should monitor volume and price action closely over the next few sessions. CAKE remains technically bullish, but confirmation is key. If the breakout holds, the measured move from the triangle formation could play out quickly.
In summary, CAKE’s chart shows promise. With momentum building and structure intact, a breakout could be just around the corner.
The post PancakeSwap (CAKE) Prepares for Breakout as Bulls Eye $4.40 Target appears on Coin Futura. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
