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CAKE

PancakeSwap (CAKE)

Oleh SaeedSalehinia
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PancakeSwap is an automated market maker, a decentralized finance application that allows users to exchange tokens, providing liquidity via farming and earning fees in return. Cake's price rose as its popularity did; then cake entered a corrective phase, a long one. It seems cake's price is headed toward the Fibonacci's golden pocket 0.618-0.65 area. Let's see if price can reverse from this area or goes down further.
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Cake analysis is updated: Cake broke the major downtrend line.
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So, Cake broke the major downtrend line, went up and reached the first horizontal resistance area, but couldn't break it and came down. It seems Cake is moving in an inverted wedge pattern and is currently trying to start a new upward wave. Let's see what happens.
CAKEChart PatternsCryptocurrencypancakeswapTrend Analysis

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