Recently, the crypto market saw a brief uptrend as several top assets began trading in the green zone. However, the reverse is the case for Cake, as it has failed to break either bullish or bearish, suggesting indecision among bears and bulls.
According to our professional analyst, Cake’s price chart on the higher time frame indicates that the altcoin has been trading in a symmetrical triangle for a while, which means its next trajectory is unknown as it can either break into a bearish or bullish stride. Meanwhile, within the symmetrical triangle, we expect Cake to face a rejection around the $2.25-$2.35 level, which confluences with a minor bearish order block. If the bears succeed in snatching control, then Cake could retrace back a major low below the $1.8 region.
However, if the bulls break past the rejection zone, then Cake could rebound past the $2.5 mark. On the other hand, a look at Cake’s price chart on the lower timeframe shows that the altcoin has broken two previous lows, hinting at a bearish takeover. For the bears to take charge, they must prevent the bulls from pushing Cake’s price above the $2-$2.1 resistance where there is a minor bearish order block.
If the bears succeed, then the overall sentiment around Cake will flip bearish, and the altcoin would likely retrace below the $1.65 range. However, if the bulls conquer the bearish order block,, then the bearish thesis will be invalidated. According to asset tracker CoinGecko, Cake is trading around the $2 mark, indicating that both bulls and bears still have the opportunity to snatch control and either push the price upwards or downwards
