PancakeSwap is a decentralized exchange with a role in DeFi.
CAKE has made a solid recovery and has risen in the CoinMarketCap rankings.
CAKE is pushing above the key USD 4.12 support.
PancakeSwap CAKE/USD is one of the few cryptocurrencies that have remained stable. At press time, the cryptocurrency was up 2.30% in the past 24 hours. Losses in the week are now 3.23%, quite negligible considering that many tokens were lost in double digits.
In the CoinMarketCap ranking, CAKE has moved up to position 66. That’s a significant jump from position 78th on July 20. CAKE shows it could still move higher as bulls reject a drop below $4.12 after a retracement.
In the crypto ecosystem, PancakeSwap is classified as a decentralized exchange or DEX. It is a non-custodial peer-to-peer marketplace for buyers and sellers of cryptocurrencies. On PancakeSwap, users can trade tokens and participate in revenue farming. With these standout features, PancakeSwap plays a role in the growth of the DeFi industry. The protocol runs on the BNB Chain and Binance Labs already has an investment.
PancakeSwap movement and forecast as the recovery continues
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, with over 600. Binance is also known for its low trading fees and a multitude of trading options that its users can take advantage of such as; peer-to-peer trading, margin trading and spot trading.
Buy CAKE today with Binance
Swapzone is a crypto exchange aggregator that acts as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, secure user flow and crystal clear data for users to find the best exchange rates in the entire cryptocurrency market.
Buy CAKE today with Swapzone
Source – TradingView
A technical outlook shows that CAKE is bullish. Since the recovery began in June, the cryptocurrency has maintained a system of higher highs and higher lows. CAKE recently hit a high of $4.5 before correcting to $4.12. The token has been staying above the 20 and 50 day moving averages for quite some time now. The MACD indicator remains in the bull zone despite weakening momentum.
For a short-term trader, every dip is an opportunity to buy CAKE. The current level offers a buying opportunity. Our forecast puts $4.5 as the immediate resistance level. If the price exceeds $4.5, it can then move to $5.0.