CAKE/USDC - (BUY) CAKE reached key support area for direct rise above 2,70

Market & Ticker: PANCAKE SWAP – CAKE/USDC

Date: 11/12/2024

Horizon / Timing:  Tactical Mid-term / 1 to 3 months

 

Scenario:

At the current price the upside potential of CAKE Token remains strong after having reached 4,60 Tactical target. The recent rally is showing upside potential to 6,40 and 9,00 on the long-run.

As long as 2,70 remains a support valid in daily close, we expect a further upside move towards 4,60 before 6,40 in 2025.

Technical Key Elements:

• Auto similar move potential shows target at 6,40
• RSI indicator is positive without divergence
• The Moving average are support (double cross signal)
• Fibonacci key support is adjusted at 2,70 while the Elliot wave shows upside potential towards 4,60 and 6,40

Trade Idea conclusion: Buy

• Strategic Target 6,40
• Tactical target 4,60
• Tactical support 2,70 (Daily close)
• Alternative Strategic target 1,65

Chart: Daily Basis (Candle Stick) - Logarithmic 

Indicators: Exponential Moving Average (21/34/89) - RSI (21)

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