Yigit Taha OZTURK 
CAKE experienced a strong rally after breaking the descending trendline on the 4-hour chart, as mentioned in our previous analysis. Following this breakout, the price surpassed several resistance levels and recorded an impressive 67% increase, reaching the $2.69 resistance level.
Current Status of CAKE Price
After testing the $2.69 resistance, CAKE faced selling pressure, resulting in a slight pullback. However, the price is currently attempting to hold above the $2.43 support level, which stands out as a key area in the short term.
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If CAKE manages to maintain its position above $2.43, we could potentially see another move toward the $2.69 resistance. A successful breakout above this level might pave the way for further upward targets.
Possible Scenarios
- If the $2.43 support holds: The price could revisit the $2.69 resistance, and a breakout above this level may lead to new highs.
- If the $2.43 support breaks down: We might witness a deeper pullback toward the FVG (Fair Value Gap) area formed during the last rally. In this case, investors should be cautious about further downside risks.
Technically, CAKE is trading between critical support and resistance zones. Short-term price action between $2.43 and $2.69 will likely determine the next move.
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