CAKE/USDT Analysis (Update)๐๐
๐๐ As you can see on the weekly timeframe for the pair of pancakeswap and usdt , it has faced a bearish market after reaching its ATH of about 44$,and fallen to its lowest level, and afar 2nd attempt and forming a new lower high that has filed to rise , again declined to bottom ,so now we know it'll need to break up the downtrend line which is already dynamic resistance by volume confirmation ,to start a new bullish rally as before , but because of recent demand and strong green box support, although it depends on your entry strategy for take a long positon , but in my opinion it'd be a good entry point , at least 1 step around here and if it drop more we can buy another steps about 10 $ again.
โcurrent weeky resistance : $18-20
โป๏ธcurrent weeky support: $9-11
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tips:
๐ฅ(Note that most of my analysis on the weekly timeframe basis is more for long-term investment rather than short-term trading.)
๐ฐ(Anyway, I highly recommend novice investors and traders to consider risk management and buying in a few steps) .
โณ๏ธ(also Following security measures is vital in cryptocurrency trading. Always remember that $100 worth of a token may become a fortune someday. So treat every penny with respect.)
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๐This analysis is my personal opinion ,not a financial advice ,so do your own research.
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๐with Best Regards
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