CAKE Surges to $1.30 – Factors Behind the Uptrend

PancakeSwap (CAKE) is not left out as it trades at $1.30, representing a surge of 2.99% over the past 24 hours.

Also, CAKE’s 7-day price indicates an increase of 2.89%. It also recorded a surge of 121.71% in its 24-hour trading volume, scaling to over $23.22 million.

Following its sudden rise into the $1.30 region, traders wonder about the factors behind the upward trajectory. The overall crypto market outlook as of 06:35 AM EST today, August 30, indicates the dominance of the bulls. 

CAKE Indicators Show Bearish Trend: What’s Investors Hope?

Technical analysis shows that the CAKE pair is moving below the 50-day and 200-day Simple Moving Average (SMA). This suggests that the token is in a bearish trend. 

Based on the chart above, the asset price is slightly below the 50-day SMA. If the bull could increase the buying pressure, CAKE could be bullish in the next few days.

The Moving Average Convergence Divergence (MACD) is slightly above the signal line with small green histogram bars. This implies CAKE is gradually gaining bullish momentum in the market following a decrease in selling pressure.

Moreover, historical data from CoinMarketCap shows that CAKE’s 24-hour trading volume is up by 121% today, validating the growing buying activity signal from MACD’s histogram bars.

Furthermore, CAKE’s Relative Strength Index (RSI), at 37.53, implies that the token is undervalued based on the previous actions of the bears. The RSI signal shows a possibility of the digital asset bulging quickly, validating the signal from the MACD indicator.

This means that investors who buy the dip now could record appreciable ROI. However, there is a need to consider the fundamental factors that might affect the asset before placing buy orders.

CAKE’s Support and Resistance Price Levels

Considering the chart above, CAKE’s price may hit the $1.22 support level due to unfavorable market sentiment. However, when the bulls force the asset to rebound from the support, CAKE might rally toward the $1.65 resistance. 

If the buying pressure is sustained, CAKE’s price may break from this price level and take the $1.86 significant resistance.

PancakeSwap V3 Launched on Ethereum-Based Linea Mainnet Might Increase Exposure and Adoption

PancakeSwap has sealed a collaboration deal with an Ethereum-based protocol, Linea. PancakeSwap V3 recently launched on Linea Mainnet, birthing the Linea PancakeSwap.

The partnership creates more seamlessness and efficient user experience by setting new DeFi standards. There are two key features on the Linea PancakeSwap launch.

The first is maximized capital efficiency, which allows liquidity providers (LPs) to focus on specific price ranges with the highest trading activities. Thus, the LPs could record a thrilling capital multiplier of about 4,000x or more as the platform triggers more potential for increased returns.

The second feature is the enhanced trading that introduces multi-tier fee structures. The feature allows traders to enjoy very low trading fees ranging from 0.01% to 1%.

Traders can choose any fee structure that suits their trading activities and the liquidity pool they could participate in.

PancakeSwap Incinerating over 8.67 Million CAKE Tokens Could Trigger Scarcity and Price Gains

PancakeSwap is committed to maintaining the stability and health of its ecosystem. One of its approaches is the burning of its native token, CAKE. On August 28, PancakeSwap incinerated over 8.67 million CAKE coins worth about $11 million. 

The burned coins are from different sources within the PancakeSwap ecosystem, such as transactions, fees, the NFT market, and others.

Burning CAKE tokens helps remove more coins in circulation and could trigger token scarcity and subsequent price surges. The mechanism serves as one of the strong measures to spike the value of CAKE.

But while investors remain uncertain of CAKE hitting the next resistance level, they can invest into a new meme coin set to offer a high ROI in a shorter time frame. 

PancakeSwap Best Alternative for Investors – Sonik

Sonik Coin (SONIK) is a good Pancake alternative for investors to engage at a meager price. The meme coin is a fast-paced token with speedy waves and simplicity that even beginners could seamlessly acquire. It aims to scale its market cap to $100,000 after its launch.

Sonik is currently running its presale at a leveled price of $0.000014 per token. This single-tiered price allows investors of all levels to engage and create a wholesome and dynamic community.

As proof of its profitability, Sonik’s presale has already generated more than $761,000 out of its target of $2.09 million. 

With just six days left until the end of the presale, the project calls for investors to rush and purchase the speedy SONIK tokens on the official website.

Some crypto experts, analysts, and YouTubers endorse Sonik as the best meme coin of our time, with a high potential to rally. These include Crypto Gains, Jacob Crypto Bury, and Crypto ZEUS.

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