CAKE has been seeing a series of steep dips, and each time price managed to recover, buyers were stopped near the EMAs. That pattern has repeated multiple times and so far sellers have been keeping control at that level.
Right now price is sitting near local support again. If this structure repeats, the next valid long opportunity only comes after a proper market structure break. Once we see a BOS and buyers start to reclaim structure, that would be our confirmation to look for continuation toward the EMAs again.
Until that happens, this remains a waiting game for structure to shift.
CAKEUSDT
Perp
1.8291
+1.62%