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Triple Bottom Chart pattern at $11 Level, Triggers Bullish Trend – Cryptovibes.com – Daily Cryptocurrency and FX News

Triple Bottom Chart pattern at $11 Level, Triggers Bullish Trend – Cryptovibes.com – Daily Cryptocurrency and FX News


CAKEUSD Price Analysis – April 16

Should the bulls increase their momentum and penetrate the resistance level at $22, the resistance levels of $28 and $33 may be tested. In case the bears push down the price, it will be confronted by the barriers at $16, $11 and $6 levels.

CAKE/USD Market

Key levels:

Supply levels: $22, $28, $33

Demand levels: $16, $11, $6

 

CAKEUSD Long-term trend: Bullish

PancakeSwap is bullish in the daily chart. The coin tested the support level at $11 three times to form a triple bottom chart pattern. This is a bullish chart pattern indicating that the price may soar higher. On 20 July, a bullish engulfing candle formed at the support level of $11, which triggers the bullish momentum. The former resistance level of $16 turned to support level. The coin is trying to break up the $22 price level.

PancakeSwap is trading above the 9 periods EMA and 21 periods EMA which indicate an increase in the bulls’ momentum. Should the bulls increase their momentum and penetrate the resistance level at $22, the resistance levels of $28 and $33 may be tested. In case the bears push down the price, it will be confronted by the barriers at $16, $11 and $6 levels. Meanwhile, the relative strength index period 14 is at 80 levels with the signal line pointing up to indicate buy signal.

 CAKEUSD medium-term Trend: Bearish

PancakeSwap is bullish in the 4-hour time frame. The bullish trend has placed the price of PancakeSwap at $22 level. The price is trying to break up the resistance level of $22, and further price increase is possible. The price is currently penetrating the resistance level at $22.

PancakeSwap is trading above the 9 periods EMA and 21 periods EMA. The Relative Strength Indicator period 14 is above 70 levels exhibiting a buy signal.



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