- CAKE token price outperformed 81% of the top 100 crypto assets in 1 year.
- The Pancakeswap has witnessed a decline in its trading volume in the last 24 hours.
PancakeSwap, a decentralized exchange on Binance Smart Chain, offers low fees and fast transactions for trading various cryptocurrencies and tokenized assets.
Created anonymously by a team of developers, it operates without centralized control. Users with Ethereum-compatible wallets can easily access and trade assets through its user-friendly interface.
The Pancake crypto is trading with a circulating supply of 247.521M CAKE. Moreover, the total supply of the token is 388.725 Million CAKE followed by a supply inflation of 36.86%.
The volatility of the crypto is also high resulting in 16.51% while the price of the token has advanced by 66.1% in the last 30 days. Moreover, the fully diluted market cap of the crypto is $2.06 Billion followed by a maximum supply of 450.0 Million CAKE.
The market cap of the Pancake crypto has declined by 4.6% over the last 24 hours while the trading volume has witnessed a decline of 24.3%. The current market cap dominance of the crypto is 0.04% followed by a market cap value of $1.134 Billion.
Pancakeswap crypto’s ranking in the global cryptocurrency market is #97 and the volume/market cap ratio of the token is 25.33%. The value of the traded volume for the crypto in the last 24 hours is worth $287.681 Million.
PancakeSwap Crypto Derivatives Analysis
The derivatives trading volume for the token has declined by 30% in just the last 24 hours. This has resulted in a traded value of $178.61 Million and the open interest has also witnessed a decline of 10.3%.
Despite this, if we look at the long-term chart of the open interest, it has been consistently advancing resulting in the huge activity of traders in the crypto.
The long liquidation recorded for the token in the last 24 hours is worth $350.4K against the short liquidation of $24.7K. This results in a long/short ratio of 0.9175.
PancakeSwap Token Blockchain Data Overview
After a consistent decline in certain factors of the token, the following factors are again trying to rebound and have slowly started to advance to higher levels again.
The total value locked for the crypto is worth $1.135 Billion and the market cap/TVL ratio of the token is 0.47977. The staked amount for the crypto is 67% of its market cap resulting in $764.3 Million
The current token liquidity is $67.21 Million and the annualized fees for the crypto is $528.45 Million. Also, the revenue for the crypto is $123.02 Million and there are 138K current active addresses of the token.
Weighted Sentiment And Price Volatility Comparison
The price volatility of the CAKE token has been consistently rising over the last few days followed by the flat-weighted sentiment for the crypto. The following advance in the volatility of the token indicates the participation of investors in the crytpo.
CAKE Crypto Technical Analysis
The CAKE token price was trading inside the descending triangle pattern for multiple months and broken out above it a few weeks ago. The breakout in the crypto price led to an advance of more than 100% in the trading price.
It is currently trading in a strong uptrend followed by the indication of multiple technical indicators.
CAKE/USD Chart by TradingView.com
Switching to the daily timeframe chart, it can be seen that the 20,50 and 200-Day EMAs are trading in a golden cross. The price of the token is also trading above the EMAs.
The ADX is also trading at a level of 32.4 which further indicates strength in the price of the token. The MACD is also bullish on the charts as the MACD and the signal line are trading in a bullish cross. The lines have also crossed above the level of zero.
Summary
Despite recent declines in trading volume and derivatives activity, PancakeSwap‘s CAKE token shows potential for a bullish trend. With a recent breakout from a descending triangle pattern and strong technical indicators like a golden cross and bullish MACD, the token’s price has surged over 100%, suggesting continued upward momentum.
Technical Levels:
- Support Levels: $1.1030 and $2.4290
- Resistance Levels: $5.40 and $9.780
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.
KEYWORD: CAKE crypto