Hey Traders,
CAKEUSDT is currently trading within a well-defined downtrend, consistently forming lower highs and lower lows. The recent move appears to be a corrective rally, bringing price back toward a key daily resistance zone around 2.40, which also aligns with the descending trendline.
I’m monitoring this area closely for potential bearish price action to develop, signaling a continuation of the dominant bearish trend.
Key Confluences:
Major daily resistance at 2.40
Approaching descending trendline
Market still in a clear downtrend
Possible lower high formation in progress
Trade Plan:
If I see bearish confirmation in this zone (e.g. rejection candles, bearish structure break on lower timeframes, or weakening momentum).
A strong break and hold above 2.40 would invalidate the setup!