PancakeSwap (CAKE) Price Prediction: Could the Native Token of the Popular Decentralized Exchange Platform Reach $40?

The PancakeSwap coin is trading at $1.79, up 3.88% over the last 24 hours. The token's market cap is $529 million, while the 24-hour trading volume was $174 million

The price of PancakeSwap (CAKE) has shown resilience in the cryptocurrency market. According to CoinMarketCap data, the PancakeSwap coin is currently trading at $1.79, having risen by 3.88% over the last 24 hours.

The token’s market cap is $529 million, while the 24-hour trading volume was $174 million, a huge increase of 122.96%. This growth signifies that more traders have shown interest in the token.

The total value locked (TVL) of PancakeSwap on DefiLlama is also above $1.62 billion, demonstrating that the platform has strong liquidity and user engagement.

However, the TVL has decreased by 1.36% in the last 24 hours.

Despite this, the CAKE price is still a long way from its all-time high of $44.18, reached in March 2022.

Recently, there has been chatter among technical analysts about a potential price breakout for the token.

PancakeSwap Coin Price Predictions Remain Bullish

A macro chart analysis by Solberg Invest on X (Twitter) highlights that $CAKE is holding critical support on a long-term trendline. If bullish momentum builds, the token could rally toward a short-term target of $8.30.

The analysis suggests that breaking a key resistance level could trigger a strong upward move, possibly aligning with a broader crypto market uptrend.

🚨 $CAKE Macro Chart Update! 🚨$CAKE is playing out as expected and holding support on the macro chart. If the market sees a proper bull run, we could witness a strong rally toward a short-term bull target of $8.30. Can $CAKE break out and run higher? Keep watching!$CAKE #Crypto pic.twitter.com/qNDI1qhqgQ

— Solberg Invest (@SolbergInvest) September 7, 2023

The accompanying chart from Solberg Invest showcases a clear descending trendline that $CAKE has been testing on multiple occasions. The breakout scenario proposed in the analysis demonstrates that once the token manages to pierce through this instance of resistance, it could initiate an aggressive rally.

This breakout scenario could lead to an estimated upside of 364% from current levels, potentially bringing the price to approximately $8.30.

Could CAKE Price Reach $40?

Crypto analyst Javon Marks has a very positive outlook on the PancakeSwap token. He notes that $CAKE has been making higher lows, which suggests that investors are buying more.

According to his analysis, the price is likely to increase by at least 171% in the short term. Additionally, he predicts that with a strong breakout, the PancakeSwap coin (CAKE) price could soar by over 1,980%, reaching an impressive $40.79.

This would bring the price close to its previous highs, indicating a possible complete recovery from the prolonged bear market.

$CAKE (Pancake Swap) is currently holding up extremely well with Higher Lows that are in and can contribute to another bullish leg up, consisting of nearly +171% at the least!

This may be only part of a larger +1,980% uphill run to $40.794! pic.twitter.com/sLyxidnHp8

— Javon Lamar Marks (@JavonLamar) September 7, 2023

While these predictions are optimistic, investors should look for confirmation of a breakout above critical resistance levels to indicate a strong upward movement. If the $CAKE price does not break through this point, it might stay in a range before making a significant move.

In the short term, a PancakeSwap price target of $8.30 is realistic. The long-term goal of $40.79 is speculative but could happen if market conditions are favorable.