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PancakeSwap Goes Bullish Through November, Prices Double
PancakeSwap Tokens Are Weighted By Risk Contingency For FTX Sage
Cryptocurrencies continue to trend downward, risk falling below lows
PancakeSwap (CAKE/USD) looks like it will have to end 2022 on a low note. CAKE was one of the few Cryptocurrency It looked strong in the face of a bear market. But it didn’t let him last beyond November. The aftermath of the FTX demise has hit cryptocurrency. Why are decentralized exchanges and his DEX tokens soaring in his post-FTX narrative?
The decrease in CAKE could be caused by the connection with Binance. The cryptocurrency is based on Binance Smart Chain. As such, the trust crisis facing centralized exchanges, including Binance, may have permeated PancakeSwap. However, that is not always the case as the bear market has also ravaged the cryptocurrency market.
Investors may have sold their positions as CAKE reached the critical resistance of $5.0 in early November. Of course, this was inspired by his FTX collapse that tumbled most of the crypto tokens. CAKE has already doubled in value from his June low, so investors wouldn’t risk their gains. Based on these, the CAKE bull market is over, at least for the time being.
The technical outlook shows CAKE retesting the resistance at $3.5. The price has stalled since touching the levels, suggesting a possible downside correction.
The MACD indicator is very bearish for cryptocurrencies. The RSI reading has improved slightly since touching the oversold condition as the CAKE price fell to $3.1. The reading remains below the midpoint, indicating that the bears are in control.
CAKE price will remain bearish unless the bull market breaks out above $3.5. The next potential price levels for cryptocurrencies are $2.8 and $2.6. Investors should wait until bearishness subsides, buy a cake On a bullish reversal confirmation.
binance
Binance is one of the largest cryptocurrency exchanges in the world. Suitable for more experienced investors, with over 600 cryptocurrencies to choose from. Binance is also known for its low trading fees and multiple trading options that users can benefit from. Peer-to-peer trading, margin trading, spot trading.
Buy cake now on binance
swap zone
Swapzone is a crypto exchange aggregator that acts as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, secure user flow, and clear data for users to find the best exchange rates across the cryptocurrency market.
Buy CAKE now on Swapzone
