Technical analysis by Valizada about Symbol CAKE: Buy recommendation (12/4/2024)

CAKE/USDT: Classic Cup and Handle Pattern in Play 🚀Technical Setup:The CAKE/USDT pair is exhibiting a textbook cup and handle pattern on the 4H chart, signaling a potential bullish continuation. This formation has been developing over several weeks, showing strong accumulation and resistance retests, with increasing volume confirming the breakout.Key Observations:Cup Formation: The rounded bottom from the $1.82 support zone up to the $4.30 resistance indicates healthy accumulation and a steady recovery.Breakout Confirmation: Price has decisively broken above the $4.30 resistance with significant volume, indicating the start of the handle formation.Handle Target: The pullback (handle) could retest the $3.27-$3.50 zone before resuming the upward trend. This zone provides a solid entry for buyers.Follow me - x.com/kanandefi