CAKE Price Teases A Run To $5, Is The 2024 Bull Run Here?

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Turning the slow start of the week into a bullish bounceback, the CAKE price takes a strong bullish stand today. With an intraday growth of 2.19%, the PancakeSwap price action teases a morning star pattern forming at a crucial support level. 

This increases the likelihood of an uptrend surpassing the $4 mark to create a new swing high in the early days of 2024. Further, this supports the bullish anticipations in our CAKE price prediction, highlighting a strong trend this year.

Source – Tradingview

Following the sideways continuation for days, the CAKE price finally bounced higher with the help of a 78.60% trend-based Fibonacci level. However, the lack of volume support increases the concern about the sustenance of this newfound momentum. 

With an intraday growth of 2.53%, the CAKE price trades at $3.60, forming a bullish engulfing candle following the days of the consolidation. This leads to a morning star pattern forming at the base of 78.60% Fibonacci level. 

With a strong reversal pattern forming at a crucial demand base, the chances of an uptrend increase for PancakeSwap. Therefore, the curiosity of the sideline traders is increasing for this altcoin. 

Technical Indicators:

MACD indicator: The previous consolidation resulted in a slag in the MACD and signal lines, threatening a negative crossover. However, the new Morning Star may avoid this event. 

EMA: The uptrend in the 50D and 200D EMA continues and is ready to provide dynamic support in case of a pullback in the CAKE price.

Will The CAKE Price Reach $5?

The CAKE price skyrocketing may soon unleash strong bullish momentum and showcase a strong uptrend. The quick bounce back brings entry opportunities for sideline traders. 

Further, the trend-based Fibonacci levels highlight a strong trend teasing a trend above $4 to reach the psychological mark of $5. 

On the downside, a bearish fall can lead to a breakdown drop to $3.16.