The post CAKE Price Reclaims $5! What’s Next For PancakeSwap This Week? appeared first on Coinpedia Fintech News
The CAKE token has added significant valuation to its portfolio over the past month, indicating a rise in investor’s interest in it. Further, the Decentralized Finance (DeFi) tokens have recorded significant volatility since the month started, highlighting a market interest switch.
Further, the PancakeSwap price has jumped 45% within the past seven days and 89% over the past 30 days, indicating a rising demand for this DeFi token in the crypto space.
The CAKE price traded in a closed range between $2.647 and $3.018 for a period, following which the PancakeSwap token recorded a jump of 30.18% in valuation, after which the price faced rejection at the resistance level of $3.446.
After this, the CAKE token displayed a neutral trend by trading in a closed range between $3.018 and $3.446 for the next twelve days, highlighting a cool-off in the price action within the market. After testing its low of $3.018, the bulls regained momentum and started trading under a bullish influence.
The PancakeSwap price added 53.01% to its portfolio over the next four days, indicating a strong bullish reversal in the market. After facing rejection at $4.341, the token traded between $3.959 and $4.341 for the next few days. Recently, the bulls recorded another jump of 23.88% before facing rejection at $5.182.
The Moving Average Convergence Divergence (MACD) displays a constant green histogram, indicating an increased buying-over-selling pressure in the industry. Moreover, the averages show a bearish curve, suggesting a negative price action for the token in the coming time.
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If the bulls regain value, the CAKE price will prepare to test its resistance level of $5.182 this week. Further, if the PancakeSwap price continues to trade under a bullish influence, it will prepare to test its upper resistance level of $5.750 over the coming weekend.
Conversely, a trend reversal may pull the price toward its support level of $4.647. Moreover, if the bears continue to overpower the bulls, the CAKE token will continue bleeding and test its lower support level of $4.341 during the upcoming days.