- CAKE coin price is currently in a consolidated zone and is trading near $14. It might hit a low of $10 in the future.
- Pancake Swap technical indicators suggest a downtrend for upcoming days. In contrast, the CAKE/BTC pair is trading with a gain of 2.19%
CAKE coin is currently ranked 33rd in the CMC with a market capitalization of more than $2,647,453,112. The TVL value of the Pancake swap has seen a significant increase from the past few weeks. The volume to the market capitalization of the CAKE suggests a continuation of a downtrend in the future.
Why Invest In CAKE Coin?
PancakeSwap is an automated market maker (AMM) which allows its users to exchange tokens, provide liquidity via farming and also earn fees in return. CAKE was launched in September 2020 and its founding team is anonymous. It is a decentralized exchange for swapping BEP20 tokens on Binance Smart Chain. PancakeSwap uses an automated market maker model which means that there are no order books and liquidity pools are used for exchange. CAKE gives its users an opportunity to invest and increase returns in the future but with some inherent risks. CAKE coin price is currently in a downtrend but can soon see a reversal. One can invest in a Pancake swap as per their risk appetite.
Technical Indicator Hints Towards The Bearish Momentum For CAKE Coin Price
Pancake swap weekly technical chart suggests a downtrend for the upcoming weeks. On the daily chart, CAKE price is below 100 and 50 Daily Moving average and has seen a negative crossover in the past trading sessions. The 50 MA line of the Pancake swap is near $15.6, making it a resistance zone for the coin. Resistance for the CAKE price on the upside can be observed near $20. On the downside, a bounce back in the price can be found near $10. There is a formation of an accumulation zone on the daily chart. If the coin price breaks 15 to 20% above the zone then a strong upside momentum can be seen. CAKE/BTC pair can also see an uptrend in the upcoming days.
RSI (Neutral): The RSI for the coin is currently near the value of 45.1 highlighting its presence in the neutral zone. There is zero slope formation, highlighting that price can continue the consolidation phase.
CAKE coin price is currently in a downtrend and can see an upside momentum in the future. It might push the price below $10 in the future. CAKE/BTC pair can also observe an upside momentum in the upcoming weeks.