Market Overview for PancakeSwap/Tether (CAKEUSDT) on 2025-09-18

• Price surged to a 24-hour high of $2.775, rebounding from support near $2.54 before finding resistance around $2.77.
• Volume spiked dramatically in the last 6 hours, reaching a peak of $401,709.58 in a bullish breakout candle.
• RSI signaled overbought conditions by late morning, but upward momentum persisted amid strong volume.
• Bollinger Bands expanded as price pushed above the upper band during the afternoon session.
• A bullish engulfing pattern emerged from $2.75–$2.775, suggesting potential for continued upward movement.

The CAKEUSDT pair opened at $2.548 on 2025-09-17 at 12:00 ET and reached a high of $2.775, while bottoming at $2.524 during the session. It closed at $2.771 at 12:00 ET on 2025-09-18. The total traded volume over 24 hours was 3,483,814.94 CAKE, and the notional turnover amounted to $9,239,385.89.

Structure & Formations

The price of CAKEUSDT formed multiple bullish and bearish patterns throughout the day. A notable bullish engulfing pattern appeared between 07:45 and 08:00 ET, as the price surged from $2.688 to $2.704, signaling a potential reversal from a downward trend. Later, a key resistance was identified at $2.77–$2.775, where the price struggled to break above after multiple attempts. On the downside, support levels were tested at $2.54 and $2.735, both of which held for short periods. A doji formed near $2.75 during the morning session, hinting at indecision among traders.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed into bullish alignment by 09:00 ET. The 50-period MA acted as a strong support level during the early morning, while the 20-period MA provided dynamic resistance and support in the afternoon. On the daily chart, the 50-day moving average was at $2.60, the 100-day at $2.57, and the 200-day at $2.54. The current price of $2.771 is well above the 200-day MA, indicating a strong bullish bias in the medium-term.

MACD & RSI

The MACD line remained above the signal line for most of the 24-hour period, with a bullish crossover occurring at 07:00 ET. The histogram expanded throughout the morning and afternoon, suggesting increasing momentum. RSI reached overbought territory (above 70) by 09:45 ET and remained there for several hours, indicating potential for a pullback or consolidation. However, price continued to rise despite the overbought conditions, suggesting strong demand and conviction among buyers.

Bollinger Bands

Bollinger Bands showed a moderate expansion in the early hours as the price pushed above the upper band, a sign of heightened volatility. The lower band acted as support during the morning, but the price failed to retest it significantly after rebounding. The bands remained relatively wide throughout the day, suggesting that market participants were willing to pay a premium for upside potential.

Volume & Turnover

Volume spiked to a peak of 401,709.58 CAKE at 08:15 ET, coinciding with a strong bullish breakout candle from $2.704 to $2.757. The high volume was accompanied by a large increase in notional turnover, confirming the strength of the move. However, after 11:00 ET, volume started to decline slightly, which may indicate a potential pause in momentum. A divergence between price and volume was observed in the late afternoon, raising questions about the sustainability of the rally.

Fibonacci Retracements

Applying Fibonacci retracement levels to the recent swing from $2.524 to $2.775, key levels were identified at 38.2% ($2.644) and 61.8% ($2.678). The price held above both levels during the day and showed clear rejection at $2.678 before pushing higher. On the daily chart, the 38.2% and 61.8% retracement levels of the larger move from $2.54 to $2.77 were at $2.64 and $2.66, respectively, which were also significant in the intraday action.

Backtest Hypothesis

Given the strong volume confirmation and the formation of bullish candlestick patterns, a potential backtesting strategy could be built around a long bias when the price closes above the 50-period moving average on the 15-minute chart, with a stop-loss placed just below a key support level such as $2.735. Additionally, a trailing stop could be triggered based on a 3% drop in RSI after an overbought reading, helping to lock in gains during potential pullbacks. This strategy would align with the observed price behavior and may offer a statistically viable edge in the current market environment.