CAKE Price dey fall for $2.95, PancakeSwap dey eye $2.7 bounce
After PancakeSwap token CAKE try run past $2.95 for end of July but e fail, im price fall back inside trade range wey don last seven months. Even though e bounce small, 2.83% from $2.55 support zone on August 3, di signs wey show say price go fall still get power: CAKE go below the low wey e get on July 24, di accumulation/distribution line reach new low, and di MACD show one bearish crossover. $2.55 wey mean 25% retracement of the range, e still fit support small time, but volume dey go down for 24 and 48-hour chart show say price fit no get strength to go up well. If e fit pass $2.67 for four-hour chart, e fit start relief rally, and heatmaps for liquidation dey show $2.7 and $2.8 as target, with resistance at $2.95 and $3.05. Traders make una watch how Bitcoin dey perform near $112,000 because wetin BTC do get strong connection with how CAKE price dey move. Overall, technical signs dey show bearish structure for CAKE price, but if e reach $2.7, e fit catch late bears for trap.
Bearish
CAKE price no fit hold for breakout pass $2.95, e fall below important swing lows and e confirm say market dey bearish. On-chain indicators like accumulation/distribution and MACD crossovers show say selling pressure dey increase, e resemble the past wey PancakeSwap see similar false breakout for major resistance levels. E come retrace go $2.55 support wey be small floor, but the dey reduce trading volumes show say people no too sure to buy. For short term, if e bounce go $2.7 e fit make late bearish positions enter bad trade, e fit make sell-off increase if resistance still hold. For longer term, CAKE direction go mostly depend on how Bitcoin perform, as old correlations show say altcoin momentum dey follow BTC trend. If e no reclaim $2.95 zone with strong volume, market outlook still be bearish.