Yigit Taha OZTURK 
CAKE continues to move within a descending trend line on the 4-hour chart. With recent volatility in the crypto market, investors are closely watching CAKE‘s price action. Reaching key levels, CAKE appears to be at a decision point that could determine its next direction.
Currently, CAKE is trading around $1.60, positioned close to its descending trend line. If CAKE manages to break above this trend and pushes past the $1.68 resistance level, a strong upward move could be initiated. Breaking through $1.68 would set the next target at $1.80, a level that has previously acted as a significant resistance. Should CAKE sustain a move above $1.80, the next upside target would be in the $2.00 range, potentially triggering further bullish momentum.
You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!
On the other hand, failure to break the descending trend and renewed selling pressure could expose CAKE to downside risks. The first key support level to watch is at $1.56. If this level fails to hold, the price could retreat toward the next major support zone at $1.45. The $1.45 area is expected to attract buyers and may act as a critical defense level.
At this stage, CAKE presents potential opportunities for short-term traders. Both bullish and bearish scenarios hinge on how the price behaves at these critical zones. Investors are advised to closely monitor these support and resistance areas before making trading decisions.
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.