Bullish breakout in CAKE price teases a jump to $5!Bullish Breakout: CAKE's price demonstrates a strong bullish trend following a symmetrical triangle breakout.
Challenging Resistance Levels: Currently challenging the $3.79 mark, CAKE's trend indicates potential for further gains.
Recent Surge: CAKE price saw a significant 21% increase, pushing past the $3.50 barrier.
Pullback Signals: The current intraday pullback suggests a potential exhaustion in buying pressure, raising concerns about a deeper retest.
Key Retest Level: The potential retest level is around $3.16, based on the 50% mark of the recent bullish engulfing candle.
Technical Indicators Positive: Both MACD and DMI indicators showcase strong bullish momentum in the ongoing trend.
Short-Term Pullback Opportunity: The intraday fall could present a buying opportunity for sideline traders.
Fibonacci Retracement Levels: A retest to the 61.80% level at $3.16 is plausible, with close support levels at $3.22 and $3.16.
Upward Potential: If the bullish trend maintains its course, CAKE could potentially scale to $4.47 or even $4.81 in early 2024.
Market Watch: The overall market trends and investor sentiment will play a crucial role in CAKE's price trajectory in the coming weeks.
