PancakeSwap is a decentralized exchange with a role to play in DeFi.
CAKE has made solid recoveries and risen on the CoinMarketCap ranking.
CAKE is pushing above key support of $4.12.
PancakeSwap CAKE/USD is among the few cryptocurrencies that have remained steady. As of press time, the cryptocurrency had gained 2.30% in the last 24 hours. Losses in the week are now 3.23%, quite negligible considering that many tokens had lost by double digits.
On the CoinMarketCap ranking, CAKE has climbed to position 66. That is a significant jump from position 78th on July 20. CAKE shows that it can still go higher as bulls reject a decline below $4.12 following a retracement.
In the crypto ecosystem, PancakeSwap is classified as a decentralized exchange or DEX. It is a non-custodial peer-to-peer marketplace for buyers and sellers of cryptocurrencies. On PancakeSwap, users can swap tokens and participate in yield farming. With these notable features, PancakeSwap plays a role in the growth of the DeFi sector. The protocol runs on the BNB Chain, and Binance Labs already holds an investment.
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.
Source – TradingView
A technical outlook shows that CAKE is bullish. Since the recovery started in June, the cryptocurrency has maintained a system of higher highs and higher lows. CAKE recently touched a high of $4.5 before correcting to $4.12. The token has maintained above the 20-day and 50-day moving averages for some time now. The MACD indicator remains in the bull zone despite momentum weakening.
To a short-term trader, any dip is an opportunity to buy CAKE. The current level presents a buying opportunity. Our prediction puts $4.5 as the immediate resistance level. If the price overcomes $4.5, it could head to $5.0 next.