- In the last two months, the trading price of the CAKE crypto has risen by 160%.
- The open interest of the PancakeSwap crypto has increased by 9.8% in the last 24 hours.
PancakeSwap is a DEX on BSC that offers low fees and fast transactions. Users can trade various crypto assets with an Ethereum-compatible wallet. PancakeSwap is anonymous and community-driven. It was created by a team of developers and is supported by a decentralized network of users. PancakeSwap is a popular choice for crypto traders.
The market cap of the PancakeSwap crypto is flat with a slight increase of 0.73% in the last 24 hours. Moreover, the market cap value of the crypto is $706.765 Million while the volume of the crypto has declined by 100.99 Million.
The current market cap ranking of the PackcakeSwap crypto is 85th, as per CoinMarketCap. The TVL of the crypto is $1.568 Billion while the market cap/TVL ratio of the crypto is 0.4486.
The circulating supply of the PancakeSwap crypto is 243.714 Million CAKE and the total supply is 385.846 Million CAKE. Additionally, the max supply of the crypto is 450.0 Million CAKE and it has a fully diluted market cap of $1.298 Billion.
PancakeSwap Derivatives Analysis
The long liquidation of the PancakeSwap crypto is worth $24.04K and the derivative trading volume of the crypto has declined by 4.26%. The traded volume of the CAKE crypto is reported to be worth $36.85 Million and the long/short ratio of the crypto is 0.7114.
CAKE Crypto Technical Analysis
The CAKE crypto price was in a bearish trend declining to lower levels which led to the formation of the descending wedge pattern. The price of CAKE further broke above the descending triangle pattern and is consistently advancing to higher levels.
CAKE/USD Chart by TradingView
The price of the CAKE crypto, after hitting the upper band of the Bollinger band, has been consistently declining to the EMAs and it is currently taking support at the 50-day EMA. However, the 50-day and the 200-day EMAs are forming a golden cross pattern on the daily charts.
The MACD lines are above the zero level, indicating a bullish trend while the lines are forming a death cross. This indicates strong retracement in the price.
Conclusion
CAKE is a DEX on BSC that has a high market cap and TVL. CAKE’s price has broken above a triangle pattern and is on a bullish trend. CAKE could advance further as it has low supply and high demand. On the larger time frames, the price is following a strong bullish trend.
Technical Levels
Support Levels: $0.21950 and $1.10300
Resistance levels: $5.3900 and $9.7800
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.