ChartswithChip

CAKE Bottom Is In There has been an incredible dump of CAKE over the past month, and I believe the bottom is in after printing an ATL at $1.77. There have been eight consecutive candles near the ATL along with massive burns of the token since the dump started. I've marked fib channels showing the way back up, but I don't think the red .236 line will present much of a challenge. With trading bottoming out around $1.80, I'm thinking the Bollinger Bands will form a brief period of consolidation in the near future, followed by a move up to challenge the orange .382 fib line. From personal experience, trading into large gaps on the daily 200MA has been profitable. The candles always return to the mean whether you're long or short into the trade. This dump is like taking a mirror to the pump of 2021 only in reverse. Currently there is a huge distance between the candles and 200MA, which on a daily chart it takes quite some time for it to sink. Short term trades could exit at the .382 / $3.11. But if we consider that CAKE has previously traded over $40 and it is a yield bearing asset, there is an opportunity to ride this trade up for much longer than a quick 68% return. Fundamentally, people who have either won or lost on meme coins will look to pivot towards utility based tokens. CAKE is the native token of pancakeswap which is a top 5 DAPP across all chains in terms of unique active wallets, with billions in TVL. It will be attractive to this cycle's noobs who came in for PEPE or WOJAK...for more reasons than one. Good luck, NFA

$POLY primed to fly $POLY primed to fly Polygon has been trading in this channel since June of last year. It's near the bottom of the trend line, which happens to coincide with the 200MA on the daily chart. With all the bullish sentiment around Polygon, and large projects moving their ecosystems onto the chain, I'd expect to see a nice bounce towards the middle of the trading channel; followed by an opportunity to exit with a ~40% gain from current prices in the highlighted box. $POLY primed to fly Polygon has been trading in this channel since June of last year. It's near the bottom of the trend line, which happens to coincide with the 200MA on the daily chart. With all the bullish sentiment around Polygon, and large projects moving their ecosystems onto the chain, I'd expect to see a nice bounce towards the middle of the trading channel; followed by an opportunity to exit with a ~40% gain from current prices in the highlighted box. $POLY primed to fly Polygon has been trading in this channel since June of last year. It's near the bottom of the trend line, which happens to coincide with the 200MA on the daily chart. With all the bullish sentiment around Polygon, and large projects moving their ecosystems onto the chain, I'd expect to see a nice bounce towards the middle of the trading channel; followed by an opportunity to exit with a ~40% gain from current prices in the highlighted box. Out at or above $1.50 sometime in April, ez gg - NFA.Trade closed: stop reached: $POLY primed to fly Polygon has been trading in this channel since June of last year. It's near the bottom of the trend line, which happens to coincide with the 200MA on the daily chart. With all the bullish sentiment around Polygon, and large projects moving their ecosystems onto the chain, I'd expect to see a nice bounce towards the middle of the trading channel; followed by an opportunity to exit with a ~40% gain from current prices in the highlighted box. Out at or above $1.50 sometime in April, ez gg - NFA.Trade closed: stop reached: $POLY primed to fly Polygon has been trading in this channel since June of last year. It's near the bottom of the trend line, which happens to coincide with the 200MA on the daily chart. With all the bullish sentiment around Polygon, and large projects moving their ecosystems onto the chain, I'd expect to see a nice bounce towards the middle of the trading channel; followed by an opportunity to exit with a ~40% gain from current prices in the highlighted box. Out at or above $1.50 sometime in April, ez gg - NFA.Trade closed: stop reached: Fallout from trading channel seems legit, original target not going to happen