CAKE is one of the newest additions to Binance. On the first day it was trading in a huge 300% percent range, indicating that there was a lot of interest in this coin.
Like often happens with new listings, there's a lot of volatility in the first day, after which the volatility dies a little, only to pick up again at a later stage.
Bitcoin's most recent sell-off could very well trigger a short term bull run for CAKE. Looking at the chart, the bearish channel has been broken substantially. Time for CAKE to shine.
On the chart I’ve marked two potential areas of resistance, R1 and R2. These areas are based on recent swing highs and round numbers. Do your own due diligence.