The CAKE token has added significant valuation to its portfolio over the past month, indicating a rise in investor’s interest in it. Further, the Decentralized Finance (DeFi) tokens have recorded significant volatility since the month started, highlighting a market interest switch.
Further, the PancakeSwap price has jumped 45% within the past seven days and 89% over the past 30 days, indicating a rising demand for this DeFi token in the crypto space.
PancakeSwap Price Reclaims $5 For The First Time Since May 2022!
The CAKE price traded in a closed range between $2.647 and $3.018 for a period, following which the PancakeSwap token recorded a jump of 30.18% in valuation, after which the price faced rejection at the resistance level of $3.446.
After this, the CAKE token displayed a neutral trend by trading in a closed range between $3.018 and $3.446 for the next twelve days, highlighting a cool-off in the price action within the market. After testing its low of $3.018, the bulls regained momentum and started trading under a bullish influence.
The PancakeSwap price added 53.01% to its portfolio over the next four days, indicating a strong bullish reversal in the market. After facing rejection at $4.341, the token traded between $3.959 and $4.341 for the next few days. Recently, the bulls recorded another jump of 23.88% before facing rejection at $5.182.
The Moving Average Convergence Divergence (MACD) displays a constant green histogram, indicating an increased buying-over-selling pressure in the industry. Moreover, the averages show a bearish curve, suggesting a negative price action for the token in the coming time.
Also Read: Ethereum Loses $4,000 Milestone Following Dencun Upgrade! Here’s The Next ETH Price Level
Will CAKE Price Go Up?
If the bulls regain value, the CAKE price will prepare to test its resistance level of $5.182 this week. Further, if the PancakeSwap price continues to trade under a bullish influence, it will prepare to test its upper resistance level of $5.750 over the coming weekend.
Conversely, a trend reversal may pull the price toward its support level of $4.647. Moreover, if the bears continue to overpower the bulls, the CAKE token will continue bleeding and test its lower support level of $4.341 during the upcoming days.
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- Source: https://coinpedia.org/price-analysis/cake-price-reclaims-5-whats-next-for-pancakeswap-this-week/
