๐ฅฎ Technical Analysis: PancakeSwap ( $CAKE )
Market Capitalization: $676 million.
CAKE is in correction after the weekend drop. This can easily turn into an upward trend.
๐ก A resistance level has been broken and the price is now above it. An excellent buying opportunity.
How to tradeโ
๐ฌ 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.
๐ฌ 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.
๐ฌ 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 โ wait for directional confirmation before entering the position.
๐ Open trade with $CAKE
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