CAKE did a nice ATH at $44 at the end of April and ever since we have been correcting downwards.
Right now we found support on the $29 level, but this is unlikely to hold us if the bearish momentum continues. The indicators on daily are bearish with MACD and RSI falling and this trend does not give any signs of relief.
As such, better wait if you are interested to buy CAKE, you may get a better opportunity later on.
For sure buying around $21 is a much better entry if we get it as that is also our previous ATH. Thus, wait for now and let price lead the way. We're still bearish, so no need to rush or FOMO into it.
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Right now we found support on the $29 level, but this is unlikely to hold us if the bearish momentum continues. The indicators on daily are bearish with MACD and RSI falling and this trend does not give any signs of relief.
As such, better wait if you are interested to buy CAKE, you may get a better opportunity later on.
For sure buying around $21 is a much better entry if we get it as that is also our previous ATH. Thus, wait for now and let price lead the way. We're still bearish, so no need to rush or FOMO into it.
Like and follow if you liked this idea! Also join my crypto community to stay in touch!
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