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🥮 Technical Analysis: PancakeSwap ( $CAKE )
Market Capitalization: $676 million.
CAKE is in correction after the weekend drop. This can easily turn into an upward trend.
🟡 A resistance level has been broken and the price is now above it. An excellent buying opportunity.
How to trade❔
💬 Buy at current price. Place stop behind the nearest extreme. Take profit before the level above. The trade is fairly short-term. Risk/reward ratio looks attractive.
💬 But if price decides to return to the previous channel and breaks support downward, you can sell with a target at the lower boundary of the channel. Stop behind the extreme that will be formed.
💬 Risk/reward ratio cannot be determined now, but at the moment of decision-making, this will be the determining factor.
Conclusion:
Classic breakout trading after correction – wait for directional confirmation before entering the position.
📈 Open trade with $CAKE 🔗 Chat • X • TonTrader