The CAKE technical analysis displays a bullish failure to rise above the $4.55 resistance despite the bullish breakout of a symmetrical triangle.

The CAKE price action shows a bullish breakout of a symmetrical triangle struggling to rise above $4.55, leading to a potential sideways shift between $4.27 and $4.55. However, the lack of volume support to the breakout rally predicts a downtrend to the 50-day EMA, close to the support trendline.
<h3>Key Points:</h3>
<ul>
 	<li style="font-weight: 400">The PancakeSwap prices show a failing breakout rally to exceed the $4.55 mark. </li>
 	<li style="font-weight: 400">The merged MACD and signal lines represent an increase in uncertainty.</li>
 	<li style="font-weight: 400">The intraday trading volume in PancakeSwap is $42.32 Million.</li>
</ul>
<img src="https://s3.tradingview.com/snapshots/q/qKoloR2f.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/qKoloR2f/">Tradingview</a>
<h2>CAKE Technical Analysis</h2>
The CAKE price shows a solid bullish support trendline in the daily chart, constantly providing bouncebacks to bearish retracements. The recent bullish reversal from the confluence of the 50-day EMA and the support trendline leads to a bullish breakout, as forecasted in our previous analysis. 

However, the solid bearish opposition at the $4.55 mark, the previous swing high of a fakeout, contains the breakout rally. And the increased selling activities at the overhead ceiling led to multiple higher price rejection candles.

Currently, the daily candle takes the shape of a dragonfly pattern with 14 hours left on the clock. Therefore, an increase in selling pressure can result in an influential bearish engulfing candle breaking under the $4.27 mark.

Under the influence of a rising support trendline, the cake price should eventually breach the  $4.5 monthly resistance. Doing so will intensify the bullish momentum and drive the potential rally 9.5% higher to hit the $5 psychological resistance.

Until the support trendline is intact, the coin buyers can maintain bullish sentiment. 

However, if the crypto market continues to face selling pressure, a possible breakdown below the trendline will trigger a significant correction.
<h2>Technical Indicator</h2>
The RSI slope wavering about the midline indicates the market parties are still bullish. Moreover, the multiple crossovers between the MACD and signal lines accentuate the ongoing wobbling in CAKE price.

Resistance levels- $4.55 and $5

Support levels-  $4.27 and $3.80

CAKE Technical Analysis: Breakout Rally Failing To Jumpstart An Uptrend

The CAKE technical analysis displays a bullish failure to rise above the $4.55 resistance despite the bullish breakout of a symmetrical triangle.

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

CAKE Technical Analysis: Breakout Rally Failing To Jumpstart An Uptrend

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