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- 1 The Pancakeswap (CAKE) shows advancement in TVL over time, making it a more reliable asset.
- 2 The CAKE chart highlights healthy developer activity over a weekly interval as the developer’s activity contributor’s commit count is also changing over time.
The Pancakeswap total value locked (TVL), which is the total USD values of digital assets that are staked or locked on the BNB smart chain, has been surging since the start of 2024. The rise in TVL in CAKE crypto over time reflects the changing dynamics of market participation, the increase in the demand for the project, and the increase in investors’ willingness to stay invested.
In what is seen as a confidence booster, when the (Total value Locked) over the Defilama platform surges, its liquidity, popularity, and usability also increase. This reflects that the higher TVL makes the CAKE asset more reliable and less riskier. The total TVL is $2.045 Billion as per the Defilama.
PancakeSwap (CAKE) Development Activity Chart
Moreover, the Pancakeswap highlights healthy developer activity over a weekly interval as the developer’s activity contributor’s commit count is also changing over time. The developer’s activity and commit count have exhibited sustained growth in the span of the last six months over CAKE crypto, according to Defilama.
The weekly commits in CAKE were 47, monthly commits were 476 weekly developers were 10, and monthly developers were 14. The last commit that was tracked by Defilama was on 2024-02-26.
PancakeSwap (CAKE) Social Dominance Chart
The social dominance including Twitter news, Twitter followers, and social volume (including active users of Telegram and Twitter), shows a positive trajectory; there is also an uptick in active users and Twitter chatter. These metrics confirm that Pancakeswap is popular.
PancakeSwap (CAKE) Volatility Chart
This chart exhibits the contrast between the volatility with the price movement in the Pancakeswap crypto. On examination, it shows that the CAKE crypto has witnessed wonderful growth in recent sessions. However, the volatility has not advanced that much, illustrating stability in the price.
Moreover, the crypto seems comfortable at above price levels, which displays that the sellers are sitting in the rear, and the bulls may assist the crypto price to rise further.
PancakeSwap (CAKE) Price, Volume, And Market Cap Chart
The crypto volume and market cap reflect the fluctuations in the buying and selling of CAKE crypto. The surge and decrease in these values show volatility in the asset price. These metrics shape the major price action structure on the PancakeSwap daily chart.
PancakeSwap Price Analysis Over Daily Chart
The TVL, development Activity, Social Dominance, Volatility, Price, volume, and market chart for the CAKE asset show bullish traits and can achieve more growth in the future.
It has demonstrated good performance in the past week, month, and three months by 14.81%, 45.65%, and 40.26% respectively, indicating a reliable upward trend.
Crypto is experiencing a surge of 1.14% in the last 24 hours, trading at $3.632 and the 24-hour trading volume on all major tradeable platforms is 180.99 million. the price structure is making a higher high structure and aims to shatter the nearest hurdle. The CAKE crypto is poised for a spectacular rally, as it is rallying upside to smash the resistance level and soar to new heights.
The PancakeSwap asset is showing bullish strength and rising potential as it stays above major 20, and 50-Day EMAs. The MACD shows a bullish cross with a histogram at 0.0334, MACD is at 0.1920, and signal line is at 0.158. Correspondingly, the RSI shows no signs of overbought conditions yet and the curve is at 68, suggesting that the asset has more room to grow.
Therefore, if the demand for the remains is consistently high, the Pancakeswap asset price could bounce back more from the current level. Then the next goal for the price is to reach $5.0 and the in-between hurdle would be 4.0.
On the flip side, if the CAKE price fails to stay above the $3.0 level, it could decline further.
CAKE Crypto On the Bull Run, can it keep up rising by Sam_TCR on TradingView.com
Summary
The steady rise in Pancakeswap (CAKE) TVL reflects a dip in volatility. Moreover, it highlights healthy developer activity in the weekly interval as the developer’s activity contributor’s commit count is also changing over time.
Similarly, social dominance shows that the number of active users is surging, and the number of tweets is surging. The volatility has not advanced that much, illustrating stability in the price.
Furthermore, the PancakeSwap asset is showing bullish strength and rising potential as it is hovering above the 20, and 50-Day EMAs. The RSI and MACD are also showcasing bullish scenarios on the daily chart.
Therefore, if the demand remains high consistently, the Pancakeswap asset price could bounce back more from the current level. Then, the next goal for the price will to reach $5.0 with resistance from $4.0.
Technical Levels
Support Level: $3.0
Resistance Level: $4.0
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
