- CAKE broke a two-year downtrend after forming a double bottom near $1.00–$1.20 in mid-2023.
- Price surged 16.99% in 24 hours, reaching $3.28, supported by a 203.86% volume increase.
- Technical target stands at $40.794, reflecting a potential 1,110% upside from current levels.
CAKE, the native token of PancakeSwap, is currently holding a major breakout following a prolonged downtrend. After peaking in early 2021, the asset declined steadily for over two years. This movement formed consistent lower highs and lower lows, confirming continued bearish momentum. A descending trendline acted as resistance throughout this decline, with several rejection points recorded through 2022 and early 2023.
CAKE Current Market Action Revealed
Tracking the current price trend as of press, CoinMarketCap data indicates that CAKE traded at $3.28, recording a 16.99% increase within 24 hours. The price started around $2.82 and steadily climbed throughout the day, peaking at approximately $3.29 by midday. This upward trend was supported by a 203.86% surge in 24-hour trading volume, totaling $450.8 million.
Market capitalization rose by 28.98%, reaching $1.25 billion during the same trading session. The price movement showed consistent gains without major pullbacks, indicating strong intraday bullish momentum. By 12:00 PM UTC, the price reached $3.2887 with a corresponding 24-hour volume of $449.71 million. The upward trajectory remained intact through the trading window, closing near the session high of $3.29. Price behavior indicated sustained interest and accumulation throughout the day’s movement.
Long-Term Downtrend Ends with Double Bottom Structure
In mid-2023, an observation by Javon Marks reveals that the price of $CAKE formed a double bottom near the $1.00–$1.20 range. Volume increased noticeably during this period, indicating strong accumulation. Shortly after, $CAKE broke above the descending trendline that had been in place for over two years. This breakout marked a key technical reversal, ending the long-term bearish trend.
Following the breakout, price action established a new pattern of higher highs and higher lows. Volume remained strong as buying pressure increased. The breakout zone has consistently held as support, forming the base for ongoing upward movement. A consolidation zone developed after the breakout, forming a platform for further gains.
Price Target Set at $40.794 Following Measured Move
Technical projections based on the base structure place a future target at $40.794. From the current level of $3.37, this represents a possible 1,110% increase. The chart shows the time between the bottom and breakout spans 841 days, reflecting a long accumulation phase.
Current price activity shows early signs of strength. However, in the context of the projected move, this growth remains minimal. Volume levels remain above historical averages, reinforcing ongoing interest. Former resistance zones have turned into strong support levels, validating the bullish reversal structure now in place.
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