🚀 $CAKE / USDT – Breakout Loading! Are you ready for a bullish move? 🍰🔥
🔍 Current Price: $2.74
📈 Daily Range: $2.65 – $2.87
📊 Trading Volume (24h): $60.65 million
📉 Change over 24h: -2.49%
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📊 Technical Analysis
• Symmetrical Triangle: A symmetrical triangle is forming on the daily chart, indicating a potential breakout. The price is compressing between levels $2.65 and $2.87, creating potential for a strong move upon exiting this range.
• Trading Volume: Recent increase in trading volume confirms interest from major players, which may indicate preparation for significant movement.
• Indicators: RSI is in the neutral zone, leaving room for further growth. MACD shows positive momentum, supporting a bullish sentiment.
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🎯 Trading Strategy
• Entry Zone: $2.75 – $2.80 (upon confirmation of breakout above $2.87)
• Profit Targets:
• TP1: $3.00
• TP2: $3.20
• TP3: $3.50
• Stop-loss: $2.60 (below support level)
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🌐 Fundamental Factors
• PancakeSwap Infinity Update: Recent implementation of the PancakeSwap Infinity update has attracted the attention of traders, offering new opportunities for liquidity and trading.
• Growth of the BNB Chain Ecosystem: PancakeSwap continues to be the leading decentralized exchange on BNB Chain, contributing to increased demand for the CAKE token.
• Token Burning: Regular token burns of CAKE reduce supply, which can positively impact the price in the long term
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📌 Conclusion
$CAKE shows signs of preparing for a breakout from the symmetrical triangle. Considering technical analysis and fundamental factors, the coin has the potential for growth. It's important to watch for confirmation of a breakout above $2.87 and act according to the trading strategy.
💬 Comment “CAKE” if you are following this coin!
