Key Takeaways:
- PancakeSwap ($CAKE) surged 45% this week, gaining attention ahead of a $BNB Chain update.
- $CAKE is priced at $2.38, with a 24-hour volume of $603.48 million and a market cap of $641.10 million, despite a 2.64% drop.
- A reversal pattern near the downtrend’s lower boundary suggests a breakout if $4.42 resistance is broken, aiming for $7-$10.
PancakeSwap ($CAKE) has been on an impressive bullish run recently, showing a remarkable 45% price surge this week. This sharp rise has attracted the attention of both traders and investors, as it comes ahead of a significant $BNB Chain update, which has led to a surge in trading volumes. However, after this massive surge, $CAKE has begun to calm down and is currently experiencing a slight decline, preparing for the next phase of its upward movement.
As of today, the token’s price stands at $2.38, with a 24-hour trading volume of $603.48 million and a market capitalization of $641.10 million. Despite a slight 2.64% drop in the last 24 hours, the token has maintained its strong performance over the past week.
$CAKE Could Surge Toward $7-$10
Looking at the technical chart, $CAKE has been in a prolonged downtrend, trading within a descending channel since mid-2022. However, recent price action suggests that this downward movement may be coming to an end.
A reversal pattern is forming at the lower boundary of this channel, which could be a signal for a bullish breakout. The key resistance level to watch is at $4.42. If the price manages to break above this level, it could signal a move towards the $7-$10 resistance zone, marking a significant upside potential for the token.
This development has led many to believe that the token is poised for its next leg up, with the market closely watching for confirmation of the breakout. The combination of technical indicators and the catalyst of the upcoming $BNB Chain update suggests that the token could see even greater price action in the coming weeks.
With increased attention and trading volume, the token seems to be positioned for a promising future. As always, traders should remain cautious and vigilant as the market evolves, but the bullish momentum surrounding PancakeSwap is undeniable at this moment.
Read More: Coinbase Pushes SEC for Clear Crypto Rules: 36 Key Recommendations