PancakeSwap Price Analysis: CAKE spikes from $17 to $20, regains Wednesday losses

PancakeSwap’s current price analysis is bullish as a new higher floor was found above USD 22 today and the current upside is pushing the market higher. As a result, we expect the USD 23 resistance to break today, which will allow CAKE/USD to hit new highs.

The cryptocurrency market has been in good shape for the past 24 hours. Bitcoin is up 3.5% while Ethereum is up 6.73%. Dogecoin, on the other hand, had a spectacular day, rising 11% and outperforming all other cryptocurrencies.

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The TREE/USD rate changed during the day in the range of USD 21.88 to USD 22.72 and has shown little volatility in the last 24 hours. Trading volume was around $269.9 million, down 19 percent from yesterday as a market cap of around $5.5 billion and the coin ranked 32nd

On the four-hour chart, we can see that the bulls have been gaining momentum in the last few hours as PancakeSwap tried to break the $23 resistance.

Pancakeswap price volatility has been high in recent weeks. On September 7th, CAKE/USD fell sharply, falling nearly 30%, with a fresh low hovering at $18.5.

Then came a period of multi-day consolidation where the support at USD 18.5 was reversed twice. CAKE finally hit a new high on September 13, hitting a high of $23.

After dropping below $22 for the first time, CAKE/USD yesterday retested near its previous resistance of $21. Given these PancakeSwap price developments, more growth is expected next week. The next major barrier is $26 which needs to be crossed next week.

The price of PancakeSwap is on the rise today, as a new higher low was established around $22, and bulls are regaining their footing. As a result, we anticipate CAKE/USD to break past the $23 barrier next week and continue to climb.

While waiting for PancakeSwap to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

rebuttal. The information provided does not constitute commercial advice is not responsible for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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