PancakeSwap (CAKE) shows signs of a potential breakout, forming an ascending triangle on the daily chart. Conditions for growth are strengthening, and traders are closely monitoring the situation.
Ascending Triangle Formation
Analyst Jonathan Carter highlighted a potential breakout pattern in the CAKE/USDT pair. The daily chart shows an ascending triangle, a pattern often signaling upward breakouts. The horizontal resistance between $2.90 and $3.10 has been tested multiple times, while the presence of higher lows indicates growing buyer strength.
Key Levels to Watch
Currently, CAKE is hovering around $2.64, which is 1.87% lower in 24 hours but 5.21% higher over the week. The price consolidation just under resistance suggests that buyers are gearing up for their next breakout attempt. If trading volume spikes and the price clears $3.10, a sharp rally is likely to follow.
Market Discussion
While CAKE remains technically bullish, confirmation of the breakout is crucial. If the price fails to break above $3.10, it may push back towards the $2.40–$2.50 range, which might present new buying opportunities.
In summary, CAKE's chart displays encouraging signs. With momentum building and the structure intact, a breakout could be just around the corner.
