Date: Wed, July 23, 2025 | 11:05 AM GMT
The broader cryptocurrency market continues to ride a bullish wave, led by Ethereum (ETH), which has surged 16% over the past week and is now trading above $3,665. This bullish sentiment is spilling over into altcoins — including PancakeSwap (CAKE).
CAKE has rallied 9% today, pushing its monthly gains to 42%. Beyond its recent price strength, the daily chart shows a forming harmonic pattern that suggests CAKE could climb further before it faces its next significant resistance level.
Harmonic Pattern Hints at Bullish Continuation
On the daily timeframe, CAKE is developing a Bearish ABCD harmonic pattern. Despite the “bearish” title, this setup often supports strong bullish momentum during the CD leg, with prices usually accelerating toward the completion zone before any potential reversal.
The pattern began at Point A near $1.516, surged to Point B, retraced to Point C around $1.928, and is now advancing along the CD leg toward Point D.
Technically, the CD leg is the most powerful phase of this move, drawing in momentum traders looking to capture the trend.
What’s Next for CAKE?
If this CD leg continues to unfold, CAKE’s next target falls within the Potential Reversal Zone (PRZ), aligning with the 1.65 Fibonacci extension of the BC leg. This projection points toward a potential rally to $3.59 — about a 23% gain from current levels. The target also reflects the symmetry of the AB leg, strengthening the technical case.
For this bullish scenario to stay valid, CAKE must hold above its 50-day moving average near $2.36, which now acts as a crucial support level for the ongoing uptrend.
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