- The CAKE price is trapped in a sideways trend. Token needs to gain the buying volume to initiate an uptrend.
- The crypto asset is moving below the 20, 50, 100 and 200 daily moving average.
- The CAKE/BTC pair is at 0.0001453 BTC with a gain of 0.06% in it.
PancakeSwap is an automated market maker (AMM), a decentralized finance (DeFi) application that allows users to exchange tokens, providing liquidity via farming and earning fees in return. The PancakeSwap token CAKE is a BEP20 token that originally launched on Binance Smart Chain. The main function of CAKE is to incentivize the liquidity provision to the PancakeSwap platform.
After falling from the support of $7 the CAKE price made a dive to $3 amid the bearish pressure over the daily graph. The bulls came forward to oppose this bearish movement and to support the token. But this support is not enough as the price is now trapped in the parallel channel of a sideways trend of resistance and support $5.15 and $4 respectively. The token needs more buyers in order to break the sideways trend and initiate an uptrend movement.
The price for the CAKE token is trading at $4.26 with a loss of 2.56% in its market capitalization in the last 24 hrs. The token has a trading volume of 76 million which is at a gain of 21.41% in the 24 hrs trading session and a market cap of 639 million. The volume market cap ratio is 0.1196.
Cake DeFi Secures Regulatory License From Lithuanian Authorities
Cake DeFi has announced that it has successfully obtained the necessary license that would enable it to operate as a regulated cryptocurrency exchange and custodian in Lithuania. The license was granted by the Registrar of Legal Entities of Lithuania and it lays a solid foundation for Cake DeFi’s approval in other European Economic Areas (EEA) once the region’s Markets in Crypto-assets (MiCA) regulations go live.
Conclusion
The token price is stuck in a parallel channel of sideways trend. The price follows the sideways trend over the daily and hourly chart. The token managed to gather bulls to oppose the bearish dominance and they did it well. Now as the price is stuck inside the sideways trend the token needs more buying volume to overcome this trend and make the price climb again.
Technical levels
Resistance levels: $5.15 and $5.75
Support levels: $4 and $3.5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.