After going through a lot of deductions in the past months, CAKE found base support and recovered well above $2 with a new bullish pattern. It saw a slight rejection, but the price appears strong amid rising demand. In the recent market crash, CAKE also recorded notable losses but stayed well above $1 after a sudden crash. The price recovered for a week and later resumed drops in mid-February. This led to another drawdown, but the $1.4 level stood firmly last week and the price bounced above $1.8. Following the bounce, volatility increased this week and the price surged to around $2.8 on Tuesday. It rejected that level and slightly pulled back to $2.2. It has recovered and traded at around $2.5 at the time of writing. As shown on the daily chart, it looks poise for a surge while forming a double-bottom pattern. The $3 level marks the neckline of this pattern. A successful break above it should confirm a bullish move from a short-term perspective. Otherwise, the crypto might lose momentum again. If that happens, CAKE must reclaim this month’s and last month’s low before we can consider another major breakdown. But as of now, the trend is in the favour of the bulls as they may show more commitment in the future. CAKE’s Key Level To Watch Source: Tradingview The $2.82 resistance is posting threats at the bulls. If they surpass it, the next area of interest would be last month’s $3.4 high, along with $4.4. A flip through all these levels should validate a major rally in the long term. For a drop, the $1.95 and $1.61 levels are potential supports to watch. Below it lies the monthly $1.4 low. Last month’s $1 low would be the next defence line for the bulls if the price breaks down. Key Resistance Levels: $2.82, $3.4, $4.4 Key Support Levels: $1.95, $1.61, $1 Spot Price: $2.52 Trend: Bullish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: kanawatth / 123RF // Image Effects by Colorcinch