With BTC showing signs of bullishness, most of the crypto universe is seeing some nice gains. One of these coins is CAKE.
Fundamentally, this coin is a very decent investment. There's a very strong community and website behind this coin. Pancakeswap's exchange has some major potential in the long-term, making CAKE an even better bet on the future.
However, we're looking at mid-term price action now. Recently, CAKE has broken out of the triangle in which it has been trading since the major sell-off late May. At the moment, CAKE is about to break out of a ~2 month resistance, placed around $17.
Assuming BTC will continue the upward move, CAKE will follow on a leash towards the green area of resistance. I'll be looking to exit around there.
Happy trading!
Fundamentally, this coin is a very decent investment. There's a very strong community and website behind this coin. Pancakeswap's exchange has some major potential in the long-term, making CAKE an even better bet on the future.
However, we're looking at mid-term price action now. Recently, CAKE has broken out of the triangle in which it has been trading since the major sell-off late May. At the moment, CAKE is about to break out of a ~2 month resistance, placed around $17.
Assuming BTC will continue the upward move, CAKE will follow on a leash towards the green area of resistance. I'll be looking to exit around there.
Happy trading!
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