Cake is desperately trying to break this trendline, it needs to break it to go higher, its failed it many times now. Its a bearish pattern of sequential lower highs that is starting to squeeze price.
$9.5 is major support, $8.3 is the last line of defense.
BTC revisiting 28.8k and going lower may very well break CAKE's back and most of the ALTcoin market :(
I see a descending triangle pattern but technically I don't think it meets the criteria, as most ALTs do CAKE is roughly following BTC price action, most alts look similar so we cant take much significance in ALT charts unless major divergence is shown.