- The spot trading volume of the CAKE crypto has advanced by more than 100%.
- PancakeSwap has witnessed a very huge long liquidation in the last 24 hours.
PancakeSwap is a trading platform that allows users to trade tokens without using a centralized exchange. The PancakeSwap is built on the BNB platform and follows BEP 20 token standards. The coin was launched on 22 September 2022, built on open-source software, and all of the smart contracts are made publically visible.
Certified audit agencies like Certik and SlowMist have audited the CAKE crypto. The spot volume of the CAKE crypto has advanced by 150.0% in the last 24 hours. It also has a TVL of $1.517B and the market cap/TVL is 0.40008231.
The circulating supply of the CAKE crypto is 230.75M CAKE and the fully diluted market cap of the crypto is $1.012B. The CAKE crypto has also hit an all-time high of $44.18 and the price is currently trading 94.04% below the price.
The current market cap dominance of PancakeSwap is 0.041%. It is further followed by a market cap ranking of #79 and the volume/market cap ratio of the crypto is 0.3825.
CAKE Derivatives Analysis
The derivative trading volume for the PancakeSwap(CAKE) has advanced by 370.56% in the last 24 hours. It is a huge spike in the trading volume of the crypto. Moreover, the open interest has also advanced by 41.60%, resulting in a heavier long liquidation of $217.96K.
Weekly Supply Analysis of the CAKE Coin
With a constant max cap of 750M, the total supply of the CAKE crypto is consistently advancing with time. The current reported total supply of the crypto is 387.5M.
CAKE Crypto Technical Analysis
The CAKE crypto is forming lower lows chart patterns on the weekly timeframe. It has led to a decline of 94% in the price from the all-time highs.
Cake Crypto Technical Indicators Analysis
CAKE/USD Chart By TradingView
On the daily charts of the CAKE crypto, the Average Directional Index is trading at a level of 53.12. This behavior represents that the buying momentum in the market is still solid.
The Aroon Indicator on the other hand represents the dominance of bears on the daily chart. This is because the bullish line of Aroon shows 14.29% of dominance while the bearish dominance of the indicator is 57.14%.
Conclusion
The sudden advance in the trading volume of the crypto is a sign of significant activity in the crypto. CAKE crypto price also is gaining momentum from the lower levels. The technical indicators on the daily charts are also giving a buy signal.
Therefore, by breaking above the level of $5.40, the CAKE coin will lead to a bullish change in the trend. It will further result in an advance in the crypto price.
Technical Levels
- Support levels- $1.70 and $2.60
- Resistance levels- $ 9.760 and $13.4890
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.