CAKE Technical Analysis: Occasional Pullback Offers 10% Gains

According to the technical analysis, the low volume retest phase in the CAKE token price hints at the resumption of prevailing recovery. Is it a hidden trap for buyers? Despite the ongoing sell-offs in the crypto market over the past few months, the CAKE token price has offered a steady recovery to its holders. Initiated from the $2.5 mark, The altcoin has shown a direction rally over the past four months and has registered around 82.6% gains. Key Points: The PancakeSwap price action shows an increase in supply at $5, knocking down the breakout rally. The bearish crossover in the VI indicator warns of the support trendline fallout. The intraday trading volume in PancakeSwap is $30.72 million. Source – TradingView CAKE Technical Analysis An ascending trendline has actively supported the CAKE token during the recovery course. However, the multiple reversals from this support indicate the traders are aggressive buyers at pullbacks. The CAKE price currently trades at $4.57 and is trying to sustain above the breached resistance since October. However, the ongoing retest phase has tumbled the price by 10%, down from the $5 swing high. This retracement currently retests the combined support of ascending trendline and the $4.5 mark, offering a pullback opportunity for sidelined traders. Moreover, the rise in the declining trend in trading volume during the retest phase provides a buying opportunity. If the buying pressure persists, th...