- pancakeSwap price surged 6.74% during the weekly trading session.
- An increase of 3.35% has been observed in the CAKE price during the intraday trading session.
- The trading volume has increased 10.61% in the last 24 hours session.
PancakeSwap (CAKE) is a popular decentralized exchange (DEX) platform initially built on the BNB chain. The protocol provides features such as token swap, yield farm, Syrup pools, V3 position manager, bridge to Ethereum and Aptos, and NFT marketplace. It is an open-source platform with an anonymous team. Multiple reputable blockchain security firms like Peckshield and Slowmist audited this platform. The native token CAKE grants voting power to stakers when locked longer.
CAKE Crypto Performance 2024, Supply, Market Cap, & Valuation
At the start of January 2024, the CAKE crypto experienced negative sentiments in the market. Due to the bullish correction period, the crypto value declined 28.39% in January 2024. In other words, some traders and cruisers booked profits during that month, causing corrections.
Subsequently, a favorable price rise occurred after the correction period in February 2024. The cryptocurrency reflected 24.11% in Feb and 49.96% positive returns in Mar 2024. Crypto price reached the $5.11 key supply zone and got a bearish response, resulting in a 34.87% decline in April 2024.
PancakeSwap has truly committed to a deflationary model with its capped maximum supply of 450 million tokens. The protocol has released over 249 million tokens, which covers 55.49% of the maximum supply. The current market cap stands at $753 million, and the total diluted valuation of pancakeSwap is estimated at around $1.35 billion.
Price-to-Volume and Social Dominance Analysis
The short-term hikes in tweets about the PancakeSwap crypto positively impacted price. The rise in social dominance after December 13, 2024, and January 27, 2024, has had a noticeable effect on trading volume and price. The crypto price reflects a stable rise, although the dominance has slowly faded after February 23, 2024.
Technical Analysis of the PancakeSwap (CAKE) Token Price
The broader outlook lies above the key exponential moving averages on the bullish side. The current price rebounded the 200-day EMA, indicating the continuation of the bullish trend.
CAKE price faced strong resistance from the $5.11 supply level. Afterward, the price made an opposing movement to the $2.59 critical demand level while giving the breakdown of the $3.50 support level. In recent sessions, the buyers have approached the price from the $2.59 demand zone. The price can attain the $4.82 mark if the price has a closing above $3.99.
The relative strength index (RSI) shows bullish momentum in the current phase. The RSI and the signal line had a golden crossover, indicating a positive shift in strength. The RSI is moving at 40.02 above the signal line.
Summary
Since November 2023, the CAKE crypto price has been moving in a bullish trend. In recent, the cryptocurrency price has experienced a negative fall in value. However, the PancakeSwap managed to sustain over 150% positive six-month returns. The current price is trading at $3.01 and can attain the $4.82 mark if the price has a closing above $3.99.
Technical Levels
- Resistance Levels: $3.50 and $4.82
- Support Levels: $2.38 and $2.08
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.