Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion CAKE formed a bearish rising wedge channel pattern. PancakeSwap saw an increase in total value locked (TVL). PancakeSwap [CAKE] posted about 9% gains after the FOMC announcement. However, its price action in the same […]
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionPancakeSwap saw an increase in total value locked .
CAKE’s price action in the past few days chalked a rising wedge pattern – a typical bearish formation. It means there was a high possibility of a bearish breakout or price reversal. In such a case, bears could break below the wedge and settle at $3.845 in the next few hours/days. Alternatively, bulls could gain influence, given CAKE’s bullish structure at press time, as indicated by the Relative Strength Index and On Balance Volume .
The uptick in TVL could boost investors’ confidence in the native token, CAKE, which could boost an uptrend rally in the long run.
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