CAKE Price Slumps After Bearish Pattern Confirmed, Bulls Seek Breakout at $2.90

The CAKE price has experienced a sharp decline following the confirmation of a bearish pattern, with support levels near $2.85 tested. The lack of momentum prevents recovery towards the $3.15 level where the 50-period SMA acts as a crucial barrier. Despite deflationary goals, circulating CAKE supply is rising due to increased emissions and unlocked staked tokens from early 2024, leading to short-term challenges for price recovery.