CAKEUSDT Analysis by @pipsnipers

This is a technical analysis of CAKEUSD focusing on Wyckoff accumulation. Since September 2023, a five-wave move to the upside indicates inherent strength. The asset has ranged for nearly 1100 days and dropped over 97%. An ABCDE corrective wave pattern is forming, with the E-wave potentially retracing to Fibonacci levels between 2.202 and 1.652, calculated from February-March 2024 double bottom before an impulsive move upwards. From the range peak ($5.15) to its trough, projected resistance/take-profit levels are around $10-$12 for a conservative trade based on 2.618 Fibonacci extension. Market Cap chart since July 2023 has been showing higher lows. A distribution range is expected around $10-$12, and this price action could test these prior levels. An all-time high is used for a Fib retracement, and is not the focus of this more short to mid term swing trade.