CAKE Hits $10, as DOGE Rises for a Second Consecutive Session – Market Updates Bitcoin News

DOGE rose again Monday after traders bought the token. It was only days after Elon Musk had shared a video about it. CAKE also saw a significant mover today. It climbed beyond $10 and hit a multi-month peak.

Dogecoin (DOGE).

DOGE gained for the second session in a row, with bulls continuing to flock into the meme coin, after a tweet by Elon Musk.

Following a low of $0.1366 on Sunday, DOGE/USD rallied to a peak of $0.1553 in today’s session, as prices were nearly 6% higher.

Today’s peak is the highest level DOGE has traded since February 14, and comes following a breakout of the $0.1510 resistance level.

However, prices are falling steadily from previous highs and this has led to a relatively stable ceiling.

The chart shows that DOGE trades at $0.1507 and that the 14-day RSI indicator is also below its ceiling at 65.70.

Slowing momentum has led to bears waiting for the right moment to re-enter the market.

Pancakeswap

Although crypto markets were lower on Monday across all platforms, some exceptions were notable and were able rise higher.

CAKE was one of the tokens to climb higher, rising as high as 7% in the first week.

The CAKE/USD exchange rate surged to the highest point since Monday 21 January, when prices reached an intraday peak of $10.22

CAKE’s price has risen in recent weeks after it rebounded from $5.50 support on March 16 to trade over $10 now to start the month.

CAKE remains far away from the record $27 high, and price strength at this time is overbought. We may need to wait until we get closer.

The 14-day RSI stands at 75.95. That is very close to the highest level since August 2013.

CAKE can climb higher despite already being overbought. We’d love to hear your comments.

Eliman Dambell

Eliman is an experienced market analyst with a diverse perspective. Eliman was a broker director and educator in retail trading.