DOGE was once again higher on Monday, as traders bought the token, days after a video about the meme-coin was shared by Elon Musk. This came as CAKE was also a big mover today, climbing beyond the $10 mark, hitting a multi-month high in the process.
DOGE rose for a second consecutive session, as bulls continued to pile into the meme-coin, following a recent tweet from 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.
DOGE/USD – Daily chart
However, this ceiling has been relatively firm, with prices falling from earlier highs, as the move gradually turns into a false breakout.
Looking at the chart, DOGE is now trading at $0.1507, and the 14-day RSI indicator also hovers below its own ceiling of 65.70.
As a result of slowing momentum, bears in the market are likely anticipating a reversal, and waiting for the perfect time to re-enter.
Pancake swap (CAKE)
Despite crypto markets being lower across the board on Monday, there were some notable exceptions, which were able to rise higher.
One of these tokens that climbed higher was CAKE, which gained by as much as 7% to start the week.
CAKE/USD surged to its highest level since January 21 on Monday, as prices hit an intraday high of $10.22
CAKE/USD – Daily chart
The price of CAKE has surged in the last few weeks, as it bounced from support of $5.50 on March 16, to now trading over $10 to begin the month of April.
Despite these gains, CAKE is still far from its record high at $27, and with price strength currently overbought, we may have to wait before climbing closer to those levels.
The 14-day RSI is currently tracking at 75.95, which is close to its highest point since last August.
Can CAKE continue to climb higher, despite being already overbought? Let us know your thoughts in the comments.
Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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