• Tue. Oct 4th, 2022
1641244265112 a7d90774 4910 400b 857f e4c5db586c9b
1641244265112 a7d90774 4910 400b 857f e4c5db586c9b

  • PancakeSwap has narrowed the losses in the past one week to 2.45%

  • The decentralized exchange protocol is backed by Binance

  • CAKE faces resistance at $4.12 but could break out if the momentum remains strong

PancakeSwap CAKE/USD is a cryptocurrency to watch as prices start to shrug over the latest losses. The cryptocurrency’s losses in the last one week stood at just 2.45% as of Wednesday. The small losses were after the last three days’ recoveries. The token trades at $3.92 after touching a low of $3.6 on August 20. The token is stalling but still pointing higher.

PancakeSwap has been making strides in the DeFi sector despite ranking below its peers. The decentralized exchange is backed by Binance, the largest crypto exchange. Binance Labs has also invested in PancakeSwap, a further indication of the trust it has earned. Its native token has, however, been subdued, and its price has largely been driven by market momentum.

CAKE approaches resistance as price overcomes recent drop

1661374886575 a518d736 5ad3 49a4 a721 e5d073ef23c2Source – TradingView

On the daily chart, CAKE is bullish below the $4.12 resistance. The token is keeping an uptrend which started in mid-June. The momentum indicator shows that the token’s latest bearish momentum is weakening. 

CAKE will imminently hit the resistance as bull strength remains in place. A potential breakout will occur if the sentiment improves and CAKE continues to attract buyers. Still, at the low valuation, CAKE is attractive to long-term buyers.

 If CAKE breaks above $4.12, the next level to watch is $4.8. We also need to monitor the prevailing crypto sentiment since CAKE has been following the market.

Summary

CAKE is recovering from the recent slump. The token eyes $4.12 resistance as the next level. A breakout of the resistance will depend on the crypto sentiment.

The post PancakeSwap prediction as price overcomes slump and posts gains appeared first on CoinJournal.

Ndasi Tata

Ndasi Tata is a Cameroonian-born Bitcoin entrepreneur and former state journalist. He earned an M.Sc from the University of Nicosia in Cyprus in Blockchain and Digital Currency. He uses a variety of social media channels to promote his ideas and projects , and he's a major proponent of Bitcoin in Africa.

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