PancakeSwap is showing steady but certain gains. Don’t miss
PancakeSwap token gained 21% in one week
The platform acts as a decentralized exchange on BNB Chain
CAKE, the native token is demanding higher levels and investors should consider taking positions
PancakeSwap CAKE/USD might not be among the most popular cryptocurrencies. It makes headlines that are good enough to be noticed. It deserves attention because of its 21% increase in one week.
PancakeSwap was ranked 78th in market capital. It is supported by Binance, the world’s largest exchange. PancakeSwap itself is a decentralized exchange that connects to the BNB Chain. It allows users to swap currencies without intermediaries.
Binance Labs had announced in June that it had invested $2.5 million in it. The native token CAKE was subsequently valued higher. The strong crypto bear sentiment led to the price falling again. PancakeSwap is a viable protocol thanks to its smart contract functionality, Binance connection and PancakeSwap. CAKE is a good investment as it shows bullish signs.
CAKE trades slightly higher than a key resistance
Source – TradingView
CAKE trades just above the $3.5 resistance zone on the daily chart. Investors should be watching for price action as the breakout is well underway. The MACD indicators have already entered bull territory. CAKE will be able to test the cryptocurrency at $4.0 if it clears $3.5.
CAKE is showing a bullish trend, according to our verdict. It’s only a matter time before the token clears the $3.5-$4.0 resistance. Investors have the option to buy now and lock in value for the long-term.
PancakeSwap continues to grow and is likely to surpass $3.5. The next resistance is located at $4.0. The cryptocurrency is great for long-term holding and buying.