The price of PancakeSwap, the World’s largest DEX, climbed above $3.80 after a brief period of consolidation. The recent surge brings the CAKE token’s total market cap up to $690,949,122, making it 69th in the cryptocurrency market cap rankings. The trading volume has declined by over 28%, attributed to the current price hike.
Normally, when the trading volume is down, a short-term pullback is expected, but the BSC project seems to have bucked that trend. The bullish trend has been further strengthened by the current market pullback as investors take advantage of the dip in prices to buy more CAKE tokens.
In the last 24 hours, CAKE has posted a gain of 1.59% and is currently trading at $3.87 at press time. The token opened today’s session higher than its previous close price of $3.821. With the current bullish bias, PancakeSwap’s price could likely continue to rise as investors capitalize on the current market conditions.
CAKE Announces v3 Upgrade and Seeks Ecosystem Partners for Launch
PancakeSwap, the most important Decentralized Exchange (DEX) in Web3, is scheduled to launch its version 3 swap and liquidity at the end of Quarter 1 in 2023. This highly-anticipated update promises major improvements that will benefit both users and developers alike.
On January 31st, the PancakeSwap Chefs hosted a thrilling AMA session that delved into numerous multichain updates. Most notably, Chef Bun announced v3 – an update anticipated to significantly enhance users’ trading and liquidity experiences on the platform. In addition, PancakeSwap is searching for ecosystem partners to join in on their grand launch of v3.
PancakeSwap technical analysis reveals CAKE is trading at $3.70, with a sideways bias. The token is expected to take another shot at the $4.00 psychological resistance level as it continues its bullish run.
The 4-hour chart analysis for CAKE/USD pair shows the bears have been actively trying to take control of the market since January 29th. However, the bulls have been able to push back and keep a firm grip on the uptrend. The current sideways bias also reveals investors are uncertain about where PancakeSwap’s price may go in the near future.
It is possible for CAKE/USD to break out of the current range and form a new uptrend for the token. However, if a bearish trend takes shape and pushes CAKE/USD below $3.50, it could signal that a period of consolidation is in order.
The market volatility is low at the moment, as indicated by the narrow Bollinger bands. The Relative Strength Index (RSI) is at the mid-level, which indicates that CAKE/USD is neither overbought nor oversold. The MACD line is residing below the red signal line, pointing to a bearish sentiment.
In conclusion, PancakeSwap’s price is currently trading above $3.80 with a bullish bias despite the market pullback. The coin is expected to take another shot at the $4.00 resistance level as it continues its uptrend.
CAKE tokens are supported by a v3 upgrade, with the platform seeking ecosystem partners to join them in the launch. The technical analysis reveals a sideways bias and a downward bias in the near term.
