Technical analysis by dawsonMoonshot about Symbol CAKE: Sell recommendation (9/1/2024)

I really like this token, but until bitcoin and the greater crypto market can find its legs, CAKEUSDT (the native token for everyone’s favorite DEX) is likely to struggle and at least retest the $1.50 level.We're trading in a complex pattern; with a flat bottom triangle (yellow) merging with the support of our larger, rising channel on the DAILY (white). Despite being right at support levels, I think price is about to fall out of this structure and needs to bounce off the $1.50 we established in July before going higher later this year.