- PancakeSwap has emerged as the top gainer, surging over 42%.
- The daily trading volume of CAKE has jumped by 371%.
Following a prolonged phase of selling pressure, crypto assets are briefly bouncing back. Looking at the altcoins, PancakeSwap (CAKE) has jumped 42.63% and stole the top gainer spot.
CAKE’s upside correction triggered it to visit a high of $3.18. In the early hours, the asset traded at the lowest price of $2.06. At the time of writing, PancakeSwap traded at $2.92, with its daily trading volume touching at $1.13 billion. Particularly, during this period, the market saw a liquidation of $2.86 million in CAKE.
PancakeSwap has recorded a gain of over 97.41% in the last seven days. It began the week trading at $1.36, mounted to the mid-week high of $2.06, and continued climbing to the current trading levels.
Notably, the major reason behind this surge is PancakeSwap’s revenue-sharing program, which has been calculating big rewards for stakers. Since early 2024, 770,527 CAKE tokens worth $1.9 million have been distributed. This might lead to increased demand.
Conversely, PancakeSwap has been building its protocol to facilitate seamless liquidity and swap between chains with the utmost MEV protection.
Where is CAKE Headed Next?
CAKE’s four-hour candlestick reflects conflicting signals. The asset’s nearby resistance might be tested at $3.04. Continued upside could help reinforce the bullish movement. Hence, PancakeSwap can target the subsequent crucial price range between $3.25 and $3.50.
Contrarily, a bearish turn may pose considerable threats. The price of the asset may backpedal toward the $2.78 level. A persistent fall below the $2.70 mark could send the PancakeSwap back to its former lows around the $2.52 range.
CAKE’s Moving Average Convergence Divergence (MACD) being above both the signal line and the zero line signals bullish momentum. But the signal line is lower than the zero line, and the trend is not bullish yet.
In addition, the Chaikin Money Flow (CMF) line at 0.14 indicates a bullish money flow in the market with moderate buying pressure. If it continues rising, it could confirm more upside momentum. Meanwhile, CAKE’s daily trading volume has increased by over 371%.
The PancakeSwap displays the Bull Bear Power (BBP) value at 1.975, pointing out that the bullish momentum is stronger than the bearish pressure. The daily relative strength index (RSI) at 73.77 infers that the asset is in overbought territory.
