bitcoin
bitcoin

$71800.14 USD 

-1.70%

ethereum
ethereum

$2658.70 USD 

0.36%

tether
tether

$0.999809 USD 

0.01%

bnb
bnb

$598.19 USD 

-1.41%

solana
solana

$173.89 USD 

-3.00%

usd-coin
usd-coin

$1.00 USD 

0.02%

xrp
xrp

$0.522908 USD 

-0.97%

dogecoin
dogecoin

$0.168406 USD 

-2.80%

tron
tron

$0.169362 USD 

2.33%

toncoin
toncoin

$4.99 USD 

-1.78%

cardano
cardano

$0.355276 USD 

0.45%

shiba-inu
shiba-inu

$0.000018 USD 

-3.23%

avalanche
avalanche

$26.18 USD 

-2.34%

chainlink
chainlink

$12.19 USD 

5.44%

bitcoin-cash
bitcoin-cash

$371.27 USD 

-3.91%

Cryptocurrency News Articles

PancakeSwap's CAKE Token Primed for Recovery Despite Market Turbulence

Mar 23, 2024 at 05:09 am

The CAKE token price has retested the breakout region and is poised for a bounce. Buyers are holding the gains and continuing accumulation. The CAKE price replicated a rounding bottom formation breakout and reached $5, but failed to exceed the supply region and retreated to the $4 neckline support zone. Despite the market downturn, the token has retraced only 20%, remaining in the bullish territory.

PancakeSwap's CAKE Token Primed for Recovery Despite Market Turbulence

PancakeSwap's CAKE Token Poised for Recovery Amidst Market Volatility

The CAKE token, the native cryptocurrency of the popular decentralized exchange PancakeSwap, has experienced a significant market correction in recent sessions. However, analysts remain optimistic about its long-term prospects, citing positive technical indicators and a strong community of users.

Price Action and Technical Analysis

After reaching a month-to-date high of $5 in early March, CAKE's price has retraced by approximately 20%. This retracement has tested the neckline support zone of $4, a critical level that has held firm during the recent market downturn.

At the time of writing, CAKE is trading at $4.26, indicating neutrality on the charts. The token has retraced only marginally, demonstrating resilience amidst broader market volatility.

Technical indicators suggest that CAKE is oversold and ripe for a bounce. The relative strength index (RSI) is hovering in the overbought zone, indicating that selling pressure has been absorbed and a reversal is imminent.

The token is also trading above its key moving averages, reinforcing the bullish bias. The 50-day moving average (MA) is currently at $4.03, while the 200-day MA is at $3.69.

Volume and Volatility

Trading volume for CAKE has declined by over 10% to $141.25 million, reflecting neutrality in investor sentiment.

Despite the decline in volume, volatility has surged, reaching a 14-day high of 20%. This suggests that investors are closely monitoring CAKE's movements and may anticipate a significant price swing in the near future.

Sentiment and Market Indicators

Weighted sentiment, a measure of investor sentiment, has remained neutral, with the value hovering near -0.552. However, there has been a notable increase in social dominance, indicating that CAKE is gaining attention on social media platforms.

Active addresses have also surged, rising by over 35% this week to 26.3k. This suggests increased network activity and engagement.

Whale Transactions and Supply Dynamics

Whales, or large holders of CAKE, have increased their holdings in recent weeks. The percentage of stablecoin total supply held by whales has risen by 2.3% to 52.49%.

This accumulation suggests that whales are confident in CAKE's long-term prospects.

The total supply of CAKE remains at 1.60 billion. The volume-to-market cap ratio is currently 0.0211, indicating that the market cap is high relative to trading volume.

Conclusion

Technical indicators and market sentiment suggest that CAKE is poised for a recovery. The token has successfully defended the $4 support level and has bullish momentum.

While the broader market remains volatile, CAKE's strong community of users and positive fundamentals provide confidence in its long-term trajectory. Traders may consider accumulating CAKE at current levels for potential upside potential.

Disclaimer:info@kdj.com

The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!

If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.

Other articles published on Oct 31, 2024