🔥 CAKE Underperforming: Bearish Channel
CAKE was, untill recently, one of my favorite tokens on the market. It had a very active community, great website and staking possibilities.
However, since CAKE topped late August, CAKE is one of the few tokens that lagging the market. Either this has to do with the staking rewards being sold in huge numbers, or that there's just better alternatives in the market now.
In any case, CAKE's bearish channel is definitely a thing. With the recent dump from BTC, CAKE followed and bounced off the top of the channel.
In case of a prolonged bearish move from BTC, I'm looking at the bottom trend line for a potential bounce.
Happy trading!
However, since CAKE topped late August, CAKE is one of the few tokens that lagging the market. Either this has to do with the staking rewards being sold in huge numbers, or that there's just better alternatives in the market now.
In any case, CAKE's bearish channel is definitely a thing. With the recent dump from BTC, CAKE followed and bounced off the top of the channel.
In case of a prolonged bearish move from BTC, I'm looking at the bottom trend line for a potential bounce.
Happy trading!
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