Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.The crypto’s open interest unveiled a slight bearish edge over the past 24 hours.above the constraints of the EMA ribbons as the price action continued to gradually grow.After rebounding from the $4.7-$4.8 range, CAKE witnessed an expected reversal from its reversal pattern.
A continued decline from the immediate resistance could find resting grounds at the $4.5-mark. A potential/ immediate reversal from this support could offer buying options. The first major resistance would lie in the $4.8 zone. Any close above this ceiling could carve a path for further gains. The Relative Strength Index exhibited a slight bearish inclination as it dropped below the midline. The buyers should look for a recovery above this level before placing calls. Nonetheless, the Chaikin Money Flow maintained its spot above the zero mark.An analysis of the total CAKE Futures Open Interest revealed an 8.78% decline in Open Interest over the last 24 hours.