$CAKE
$CAKE Analysis: Bears in Control – Watch for the Bounce! 📉
Market Overview:
Looking at the 1-hour chart for CAKE/USDT, the price is currently facing significant downward pressure, dropping over 4.5% in the last 24 hours. The price has slipped below the middle Bollinger Band, indicating a strong bearish momentum.
Key Technical Observations:
Current Price: Trading around $1.981.
Immediate Support: Watch the $1.965 level closely. This is the recent low and a crucial area for a potential rebound.
MACD: The MACD is showing negative momentum with the histogram staying in the red zone.
RSI: Currently sitting at 38.2, approaching the oversold territory. This suggests that while the trend is down, a relief rally might be coming soon if buyers step in at support.
Trading Strategy:
Entry: It is better to wait for a clear reversal signal or a successful retest of the $1.96 support before entering long.
Risk Management: Keep a tight Stop Loss below $1.95 to protect your capital.
What do you think? Is this a "buy the dip" opportunity or will CAKE drop further? Let’s discuss in the comments! 👇
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