- The price of the CAKE crypto has declined by 91% from its all-time high.
- The annual inflation rate of the PancakeSwap token is very high.
PancakeSwap is a decentralized exchange (DEX) on the Binance Smart Chain, offering fast and low-cost cryptocurrency trading. Its creators remain anonymous, and the platform operates through a decentralized community.
Users with Ethereum-compatible wallets can access PancakeSwap, enjoying its user-friendly interface for trustless trading of various assets.
The trading volume of the PancakeSwap crypto has declined by 18.93% in the last 24 hours. The spot trading volume of the crypto has also witnessed a decline of 17.9%.
The value of the traded volume for the crypto in the last 24 hours is worth $156.74M, while the market cap value of the crypto is $997.268M. This further results in a volume/market cap ratio of 15.9%.
The volatility of the PancakeSwap crypto is 15.50%, which is considered very high, while the sentiment of the crypto is neutral. Also, the current market cap dominance of the crypto is 0.04%.
The open interest in the crypto has further witnessed a decline of 13.5% in the last 24 hours, which has resulted in $27.64M. Also, the long/short ratio for the crypto is 0.8832, as per Coinglass.
The long liquidation for the crypto is worth $83.78K recorded in the last 24 hours against the short liquidation of $6.9K. It further shows the sellers’ dominance in the crypto in the previous 24 hours.
PancakeSwap Token Supply Overview
PancakeSwap token has a total supply of 388.598M CAKE, and the maximum supply of the crypto is 450.0M CAKE. This further results in a circulating supply of 244.193M CAKE.
Moreover, the circulating supply market cap of the crypto is $992.753M, followed by the Onchain market cap of $16.67M.
PancakeSwap Crypto Blockchain Data Overview
The total value locked for the token and the market cap follow the same trend, as per DefiLlama. Also, the value of the TVL for the crypto is $2.245B. Also, the staked amount by the crypto is worth $724.4M, which is 72.93% of the market cap.
The annualized fees for the crypto are worth $637.86M, followed by an annualized revenue of $145.77M.
Social Dominance Vs Total Holders Vs Active Addresses
The holders of the CAKE token have been consistently advancing over time, while the social dominance of the crypto has declined significantly. The active addresses for the crypto have also witnessed a massive dip while it is recovering now.
CAKE Crypto Technical Analysis
The CAKE token price broke out above the triangle pattern on the weekly chart and has also hit the target levels. Despite this, the crypto price is still trading in an uptrend, but it needs to break above the level of $5.40 and sustain above the same. That will lead the price to break out above the next swing high, which might push the crypto price to further higher levels.
CAKE/USD Chart by TradingView.com
The CAKE crypto price trades above the 20, 50, and 200-day EMAs, followed by the golden crossover. It further indicates a strong uptrend in the price of the crypto.
Overall, The MACD indicator depicts a bullish trend as the MACD and the signal line are trading above the zero level while the factors currently follow a bearish crossover. That indicates a retracement in the price of the crypto.
The RSI is also sustaining above the 50-level, followed by a bullish cycle on the daily timeframe.
Summary
Despite recent declines in trading volume and social dominance, CAKE crypto’s technical analysis indicates a bullish trend. With the price trading above key moving averages and forming a golden cross, along with a breakout above a triangle pattern, CAKE’s potential upward movement is supported by indicators like MACD and RSI.
Technical Levels:
- Support levels: $0.21950 and $1.1030
- Resistance levels: $5.400 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.