PancakeSwap is a decentralized exchange that plays a role in DeFi.
CAKE steadily recovered and moved up in the CoinMarketCap ranking.
CAKE has broken above the key support at $4.12.
PancakeSwap CAKE/USD is one of the few stable cryptocurrencies. As of press time, the cryptocurrency has gained 2.30% in the last 24 hours. This week’s loss is currently 3.23%, negligible considering many tokens have double-digit losses.
In the CoinMarketCap ranking, CAKE rose to 66th place. This is a significant jump from his 78th place on July 20th. CAKE shows further rally potential as the bulls reject a drop below $4.12 following a retracement.
In the crypto ecosystem, PancakeSwap is classified as a decentralized exchange or DEX. This is a non-custodial peer-to-peer marketplace for cryptocurrency buyers and sellers. PancakeSwap allows users to exchange tokens to participate in yield farming. These notable features have helped PancakeSwap grow his DeFi sector. The protocol will run on his BNB chain and Binance Labs has already invested in it.
Pancake swap moves and forecasts as recovery continues
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 transaction 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 to help users find the best exchange rates across the cryptocurrency market.
Buy CAKE now on Swapzone
Source TradingView
The technical outlook shows CAKE to be bullish. The cryptocurrency has maintained a system of highs and lows since the recovery began in June, with CAKE recently reaching a high of $4.5 before correcting to $4.12. The token has been above the 20 and 50 day moving averages for some time. Despite weakening momentum, the MACD indicator remains in the bullish zone.
in conclusion
For short-term traders, a drop is an opportunity to buy the cake. The current levels are a buying opportunity. We expect the near-term resistance level to be $4.5. Once the price hits him above $4.5, he may head for $5.0 next.