PancakeSwap prediction as price rejects decline below $4.12 support
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PancakeSwap is a decentralized exchange with a role in DeFi.
CAKE has clearly recovered and climbed the CoinMarketCap list.
CAKE breaks above the key support at $4.12.
PancakeSwap CAKE/USD is one of the few cryptocurrencies that has remained stable. At press time, the cryptocurrency had gained 2.30% in the past 24 hours. Losses for the week are now 3.23%, pretty insignificant considering that many tokens were down by double digits.
In the CoinMarketCap ranking, CAKE has risen to the 66th position, a significant jump from the 78th position on July 20th. CAKE shows it can still go higher as bulls fend off 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 cryptocurrency buyers and sellers. In PancakeSwap, users can exchange tokens and participate in crop farming. With these remarkable features, PancakeSwap will play a role in the growth of the DeFi sector. The protocol runs on the BNB chain, and Binance Labs already has an investment.
PancakeSwap movement and forecast as recovery continues
Binance is one of the largest cryptocurrency exchanges in the world. It is more suitable for more experienced investors and offers a large number of cryptocurrencies to choose from, more than 600. Binance is also known for its low trading fees and several trading options that its users can benefit from such as; peer-to-peer trading, margin trading and spot trading.
Buy CAKE on Binance today
Swapzone is a cryptocurrency aggregator that acts as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide users with a convenient interface, secure user flow and crystal clear information to help them find the best exchange rates across the entire cryptocurrency market.
Buy CAKE at Swapzone today
Source – TradingView
The technical outlook indicates that CAKE is bullish. Since the recovery began in June, the cryptocurrency has maintained a pattern of higher highs and lower lows. CAKE recently hit a high of $4.5 before correcting to $4.12. The token has remained above the 20-day and 50-day moving averages for quite some time. The MACD indicator remains in the bull zone despite the weakening momentum.
For the short-term trader, any dip is an opportunity to buy CAKE. The current level offers a buying opportunity. Our forecast places $4.5 as an immediate resistance level. If the price exceeds $4.5, it may go to $5.0 next.