The latest revival from a 2-month trend-line triggered a bullish cross on PancakeSwap’s daily 20-50 Exponential Moving Average.
The emerging growth had the alternative token at the shackles of its short-term EMAs. However, the value area at $4.4 – $4.2 might keep posing revival obstacles during the upcoming sessions.
A possible bounce back from the trend-line support might support buyers in ensuring short-term gains before encountering hurdles at the closest resistance range. While publishing this post, CAKE hovered at $3.912, gaining 1.24% within the past day.
PancakeSwap Daily Timeframe
CAKE saw a climbing wedge resurgence that formed the base for its bullish revival. However, the $4.2 – $4.4 value area switched to resistance as it reignited short-term selling pressure.
The 20 Exponential Moving Average maintained beyond the 50EMA regardless of a patterned breakdown, with CAKE securing grounds around the trend-line resistance. These actions have triggered a slow period near the Exponential Moving Averages.
A decisive rebound from the trend-line support might bolster bulls to catalyze a volatile breakout. The present bounce back from the trend-line foothold might meet reversals from the $4.2 – $4.4 value area.
Rebounds from this territory would position CAKE to retest upside levels. Either way, a drop under the trend-line foothold would mean bullish invalidations, hinting at a sell sign.
Reasoning
The RSI (Relative Strength Index) crawled beyond the midline level, highlighting selling pressure ease. Sustaining beyond the neutral-50 might confirm a bullish bias. Also, the CMF (Chaikin Money Flow) highlighted a brief selling vigor ease.
Meantime, investors should watch for possible closing beyond the equilibrium to authorize bullishness. The DMI (Directional Movement Index) confirmed a neutral trend, whereas the ADX indicated a weak directional move for CAKE.
Final Thought
The present bounce back from the trend-line support might meet challenges around the $4 mark. Considering mixed signals from indicators, buyers should watch out for stable closing beyond the 20-50 Exponential Moving Average to authorize bullishness.
Meanwhile, targets would stay as highlighted. Lastly, enthusiasts should watch BTC’s action for profitable bets.
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