CAKE/USDC - (BUY) CAKE reached key support area for direct rise above 2,70
Market & Ticker: PANCAKE SWAP – CAKE/USDC
Date: 11/12/2024
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
At the current price the upside potential of CAKE Token remains strong after having reached 4,60 Tactical target. The recent rally is showing upside potential to 6,40 and 9,00 on the long-run.
As long as 2,70 remains a support valid in daily close, we expect a further upside move towards 4,60 before 6,40 in 2025.
Technical Key Elements:
- Auto similar move potential shows target at 6,40
- RSI indicator is positive without divergence
- The Moving average are support (double cross signal)
- Fibonacci key support is adjusted at 2,70 while the Elliot wave shows upside potential towards 4,60 and 6,40
Trade Idea conclusion: Buy
- Strategic Target 6,40
- Tactical target 4,60
- Tactical support 2,70 (Daily close)
- Alternative Strategic target 1,65
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
Disclaimer: The content of this analysis should not be considered as a study, an investment advice or a recommendation concerning products, strategies or a particular investment opportunity. This content is strictly for illustrative, educational or informational purposes and is subject to change. Investors should not base their investment decision on the content of this site and are strongly recommended to seek independent financial advice for any investment they are considering.
