With a fresh breeze of recovery the last few days CAKE The price forms consecutive bullish candles. Pointing to a reversal to complete the bullish formation in the big picture, buyers are expecting a second breakout rally in PancakeSwap prices.
The token price hovering above the important psychological limit of $2 triggers an entry point for sideways buyers. Benefiting from improved emotions this week altcoinis well on its way to proving that the $3.5 PancakeSwap price prediction is correct.
Despite falling recently from the $2.74 level, CAKE price is regaining bullish awareness near the $2 level. With the rejection of low prices at $2.15, the comeback rally has seen 6% growth in the last three days and is poised to jump to $2.74.
Examining the previous long-term trend, the PancakeSwap price trend forms a large cup and stem pattern. Starting the floor in the summer bear phase, the token price is showing a neckline at the $2.74 mark.
As the ongoing recovery approaches the neckline, buyers complete the handle and tease an upside breakout. Currently, CAKE price is trading at $2.32 with an intraday gain of 1.73%, reflecting the increasing bullish momentum.
Technical Indicators:
RSI indicator: The RSI line is making a rounding reversal from the halfway line, reflecting a revival of the uptrend. Moreover, the momentum indicator shows an upward trend as underlying demand increases.
Will CAKE Price Reach $3.5?
Koinfinans.com As we reported, if the bulls manage to absorb the overall supply, CAKE price could rise to the $2.74 mark. Additionally, this will increase bullish momentum and potentially result in a longer uptrend beyond $3.5.
If the altcoin fails to sustain the price above the critical support level of $2, the price will decline sharply. This could cause the price to drop towards the lower support level at $1.60.