🔥 CAKE Dying Slow And Painfully: Reversal When?
CAKE was one of the major winners of the early 2021 bull-cycle, where it became very popular for it's staking and farming capabilities.
However, with CAKE being an inflationary token, it means that CAKE is under constant selling pressure from investors who sell their staking rewards.
When looking at the chart, you can see that there's little to be excited about. CAKE is falling and there's no reason to believe that we're going to reverse shortly. If anything, I wouldn't be surprised if CAKE will trade below $1 before the end of the year.
So, when can we get excited?
Simple, a bullish move above the dotted purple resistance. Only then I'd be looking for bullish entries. Till then, bears are happy and shorting remains a valid strategy.
However, with CAKE being an inflationary token, it means that CAKE is under constant selling pressure from investors who sell their staking rewards.
When looking at the chart, you can see that there's little to be excited about. CAKE is falling and there's no reason to believe that we're going to reverse shortly. If anything, I wouldn't be surprised if CAKE will trade below $1 before the end of the year.
So, when can we get excited?
Simple, a bullish move above the dotted purple resistance. Only then I'd be looking for bullish entries. Till then, bears are happy and shorting remains a valid strategy.
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