- PancakeSwap is up by 14%, leading today’s list of top gainers.
- CAKE’s daily trading volume has skyrocketed by 208%.
The broader crypto market’s recent spike of 1.7% has taken it to a $3.95 trillion market cap. The assets are in a condition where both green and red candles are lit up. Bitcoin and Ethereum hover at around $118.8K and $3.8K. Meanwhile, turning at around altcoins, PancakeSwap (CAKE) has recorded a notable 14.5% jump, claiming the top gainer spot.
CAKE opened the day trading at its low range of $2.78, under the control of the bears. After the potent bulls made their move, the asset climbed to a high of $3.30. The asset has tested a series of resistances between the $2.82 and $3.26 zones.
The daily surge has pushed PancakeSwap to trade at around the $3.20 mark in the last 24 hours, with its market cap reaching $1.11 billion. In addition, the daily trading volume of CAKE has exploded by over 208%, touching $464 million, as reported by CMC data.
Is PancakeSwap Cooking Up Another Rally?
The CAKE/USDT trading pair’s bullish pattern signals a trend reversal, and the green candles have lit up. In this instance, the asset might climb and test the $3.25 range. A steady upside correction could strengthen the bullish price movement, finding the subsequent resistance above $3.31. However, a bearish signal could push down the asset to the $3.14 level. A steeper fall might trigger more downside correction, and the PancakeSwap price would likely find its former low at around the $3.07 zone.
Notably, the Moving Average Convergence Divergence (MACD) line of the asset has crossed above the signal line, which implies the lingering positive momentum. Also, this crossover hints at a buy signal, and the CAKE price may continue to rise.
Besides, PancakeSwap’s Chaikin Money Flow (CMF) indicator is staying at 0.32, pointing at a strong buying pressure in the market. With the positive value, the capital is flowing into the asset, and investors are accumulating the asset.
The Bull Bear Power (BBP) reading of 0.528 suggests that the bulls are currently dominating the bears in the market. This moderately strong bullish outlook often has more upside and continued buy signals. CAKE’s daily Relative Strength Index (RSI) settled at 81.43, indicating its current deep condition in the overbought territory. There is a possibility of a potential pullback or correction.
Furthermore, the price chart reveals the current bullish signs, and the stronger the bulls, the stronger the uptrend gets. For additional insights into where the asset could be headed, check out our PancakeSwap (CAKE) Price Prediction 2025, 2026-2030.
Highlighted Crypto News
BNB Breaks Records at $851: Is the Downtrend Dead or Just Catching Its Breath?
