Bit360

06/08 18:57

CAKE price analysis

CAKE price analysis

CAKE has remained above the ascending trendline that connects the lowest levels since May 11. It also remains above the 50-day and 100-day moving averages.

The risk, however, is that the token has formed a small head and shoulders pattern. This pattern comprises a head, left and right shoulders, and a neckline, where it is today.

Therefore, a break below these support levels will point to more downside, with the next point to watch being at $2. That implies a 13% drop below the current level.

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