- PancakeSwap (CAKE) leaps 30% to trade at $3.40.
- The daily trading volume has exploded by over 576%.
The bullish spike has triggered the broader market cap to hit $4.13 trillion. With the neutral sentiment lingering in the market, the major crypto assets have bounced from the red pit to the green field. Notably, Bitcoin (BTC) and Ethereum (ETH), the largest assets, are trading on the upside. Meanwhile, the PancakeSwap (CAKE) value has exploded by over 30.19%.
CAKE has emerged as one of the top trending tokens. Before the bulls took control of the asset, the price was hovering at the bottom range of $2.61. Eventually, it climbed to a high of $3.41, after breaking the crucial resistance between $2.66 and $3.36 zones. Further correction on the upside could lead the asset’s price up, reclaiming the highs.
As per the CMC data , the recovery now sees PancakeSwap trading at around $3.40. With the asset’s market cap settled at $1.16 billion, the daily trading volume of CAKE has skyrocketed by over 576%, reaching $449.78 million. In addition, the market has experienced an event of liquidation of $541.35K worth of PancakeSwap, according to the Coinglass data .
CAKE Price Momentum: Technical Indicators Point to an Uptrend
PancakeSwap’s technical analysis reports that its MACD line is well above the signal line, which indicates that bullish momentum is strong. The buyers are in control, and the uptrend could continue as long as the gap stays wide. Besides, the CMF value of 0.31 suggests a strong buying pressure within the CAKE market. Since it is above 0 and positive, the capital is likely flowing into the asset.
CAKE chart (Source: TradingView )
The price chart of the CAKE/USDT pair shows a bullish trading pattern, signalling a potent trend reversal from the downtrend. Also, the strong green candlesticks have lightened. The buyers strongly defended the support at the $2.69 range, which triggered the asset’s rally. If the PancakeSwap price tests and breaks above $3.50 and $3.61, the broader uptrend could continue. Assuming a reversal, the bears could drag the price back to its previous low below $2.60.
CAKE chart (Source: TradingView )
Moreover, the asset’s BBP reading of 0.877 signals that the bulls are in clear control of the CAKE market. Buyers are clearly overpowering sellers, suggesting the price has the strength to keep climbing. PancakeSwap’s daily RSI is found at 90.29, which implies that the market is extremely overbought, with strong bullish momentum. It gives caution as prices could face a pullback or correction.
In conclusion, the bulls hovering around the CAKE give a recovery sign. The bears have dominated lately, and with this current bounce, the price has gained enough strength to kickstart another rally. Looking for a long-term outlook on PancakeSwap? Explore our in-depth CAKE Price Prediction for 2025, 2026–2030 to discover potential future trends.
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