CAKE Price Analysis

The daily chart of CAKE shows a prolonged downtrend that led to the formation of a descending structure after reaching a peak of $5.17 in March 2024.

The price found a strong base within the green demand zone between $1.50 and $1, forming a corrective structure, most likely an ABC pattern.

$CAKE Price Prediction

The 1-hour chart provides a closer look at CAKE’s immediate breakout structure. The asset has broken out of a local descending wedge and shows impulsive price action, indicating the beginning of a new bullish wave count.

Wave analysis suggests that CAKE has completed a five-wave sequence to the upside, with Wave (v) reaching a peak near $3.10 before entering a consolidation phase.

A short-term pullback to retest the breakout level at $2.40 (0.5 Fibonacci extension) or even slightly below it could present an opportunity for re-entry.