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- 1 The CAKE token price has shown a gigantic move, skyrocketing toward the $5 mark.
- 2 Bulls are in a hurry and are looking aggressive, delivering a sharp rise this week.
The PancakeSwap token (CAKE) price witnessed a sharp upmove and has retested the $5 mark this week. With a notable bounce of over 70% this week, the CAKE token has entered bullish territory and replicates the bullish momentum on the charts. The buyers persist in accumulation and are showing their dominance, resulting in an intense breakout. As soon as the token crosses the neckline hurdle of $3.80, a short covering move leads to a follow-on buying momentum.
At press time, the PancakeSwap token (CAKE) price was trading at $4.87 with an intraday gain of 1.23%, indicating bullishness on the charts. It has a weekly return ratio of 46.42% and 87.04% on a monthly basis. The pair of CAKE/BTC is at 0.0000668 BTC, and the market cap is $7.74 Billion. Analysts are bullish and suggest the CAKE token price has gained strength and will continue outperforming in the following sessions.
CAKE Reveals Breakout; Can Bulls Exceed the $5 Mark?
The Cake token price shows a massive breakout rally, surging over 70% this week. The intense bullish moves led sellers into trouble, and short-covering moves were noted. Following the breakout, the trading volume sharply rose over 180% to $263.97 Million this week, revealing investor interest. The trend is bullish, and the token will continue to stretch the up move and may climb above the $5 mark soon.
CAKE Witnessed Intense Volatility; What’s Next?
Following the intense breakout rally, the token has delivered a sharp spike in the price volatility data resembling the buying interest this week. The volatility curve spiked over 300% to a mark of 0.043. In contrast, the total weighted sentiment witnessed a notable surge, and the curve reverted from a negative mark of 0.0633 to a positive mark of 0.011.
What Do Social Dominance and Active Addresses’ Data Indicate?
The data indicates that the rate of social dominance has increased since the start of this month and surged by 90% to 0.777%, with positive media discussions and reports on the social media platforms leading to an intense bull rally in the past weeks. Additionally, the value of active addresses persisted in increasing and rose to 143k.
CAKE Indicates Overbought on RSI; Can Bulls Hold Gains at Highs?
The sharp up move in the token price led to a positive crossover in the relative strength index (RSI) curve. The curve sharply rose toward 70 and is replicating an overbought indication. Since the beginning of 2024, the total number of holders has been increasing day by day, and the value surged to 1.61 Million. The total supply of the CAKE token is 1.59 Billion, and the volume-to-market cap ratio is 0.0312. The token stands at 21, per the global crypto market ranking according to the market cap.
Summary
The PancakeSwap token (CAKE) price witnessed an intense breakout and rallied over 70% this week. Moreover, the token has reached the cliff near the $5 mark and decisively holds the gains in the bullish territory.
Technical Levels
Support Levels: $4.20 and $3.40
Resistance Levels: $5 and $5.80
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
