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PancakeSwap (CAKE) Price Prediction 2021 — Will Cake Coin Hit $100 in 2021?

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  • Bullish CAKE price prediction ranges from $30 to $50.
  • Bearish CAKE price prediction ranges from $5 to $10.
  • CAKE price may reach $100 depending on market conditions.

This PancakeSwap price prediction article is based on technical analysis. Within this article, you will see the factors and metrics that we put into consideration while writing this CAKE price analysis and prediction.

Many cryptocurrencies rose and fell in a rollercoaster ride as market volatility continues to plague the world of crypto. There were many tokens seen in various news reaching new all-time highs, and recently all-time lows as well. Because of this, many traders are confused, unsure of what to do, panic-selling, and losing money during the most recent crypto crash.

Of course, CAKE traders are not safe from the onslaught. In May, CAKE reached a new all-time high of $44.18. In the same month, CAKE dipped as low as $9.52 according to coin information websites like CoinMarketCap and CoinGecko. Will this CAKE continue to be bearish or will it recover and reach a new all-time high? These are the questions that we’ll address in this CAKE price analysis 2021 article.

What is PancakeSwap (CAKE)?

As appetizing as it sounds, PancakeSwap or CAKE doesn’t have anything to do with food. It’s an automated market maker and a decentralized finance (DeFi) application. The platform is a Binance Smart Chain-based Decentralized Exchange (DEX) launched by anonymous devs — that seem to like breakfast food and rabbits. It’s often compared to Ethereum’s Uniswap and SushiSwap because of its many similarities, but it also has many additional features that allow users to earn rewards.

What is an automated market maker (AMM)? If you haven’t encountered this term yet, here’s what it means. An AMM is different from traditional centralized exchanges. You can trade digital assets on this platform. However, there is no order book where you are matched with fellow traders. In an AMM, you are trading against a liquidity pool which is simply a bunch of funds thrown together in a large digital pile. It’s an essential element of Decentralized Finance (DeFi) protocols.

The liquidity pool is combined using other users’ funds. These users deposit them in the liquidity pool and they receive Liquidity Provider (LP) tokens in return. These tokens can be used to claim their share and a part of the trading fees.

CAKE is the native token of the PancakeSwap platform. It’s the BEP-20 Pancake token (CAKE). This token is one of many tokens that are used within the PancakeSwap protocol and is made available for token swaps within the exchange.

CAKE Price Analysis 2021

Without any further ado, let’s take a look at the charts for this CAKE Price Analysis 2021 article. The first indicator that we will be analyzing in this article is called the 200-Day Simple Moving Average (SMA). This is an indicator that gives us a general analysis of whether the market is bullish or bearish.

As we can see in the chart below, there were several dips that brought CAKE below the 200-Day SMA. These small dips may be classified as bearish trends within a wider bull market. This is because the majority of the range candles are above the 200-Day SMA line. This means that the market as a whole is bullish. 

CAKE 200-Day Simple Moving Average
CAKE 200-Day Simple Moving Average (Source: TradingView)

Another indicator that can show if it’s bullish or bearish is the Relative Strength Index (RSI). It’s a very popular momentum indicator that shows if the market is bullish or bearish. It also shows generally good buying and selling opportunities. Let’s take a look at the chart to see if CAKE is oversold or overbought.

CAKE Relative Strength Index
CAKE Relative Strength Index (Source: TradingView)

The line is hovering at almost the middle, meaning that the token is neither oversold nor overbought. However, as we can see in the chart above, the RSI is showing a bullish trajectory in coherence with the 200-day SMA. It may still be a good time to buy. But as always, it can go both ways. It can either push forward to the overbought level or go with a downward pressure to the oversold level.

PancakeSwap Price Prediction 2021

The last technical indicator that we will use to determine the price trajectory for this CAKE Price Prediction 2021 article is the Ichimoku Cloud. This indicator is a collection of various indicators namely the Lagging Span, Base Line, Conversion Line, Lead 1, and Lead 2. These indicators show support and resistance levels. Aside from these, it also shows momentum and trend direction by taking averages and plotting them on the chart.

CAKE Ichimoku Cloud Indicators
CAKE Ichimoku Cloud Indicators (Source: TradingView)

There are several findings that we can see in the CAKE Ichimoku Cloud chart. First of all, the Lagging Span (white line) also known as the Chikou Span shows two signals. Since the lines are generally above, this indicates a bullish trend. However, if we zoom in, we can see a clear downward convergence by the Lagging Span and the Conversion Line (blue line) and Base Line (yellow line). This indicates a bearish trend.

CAKE Lagging Span Downward Convergence
CAKE Lagging Span Downward Convergence (Source: TradingView)

If the Lagging Span crosses downward with any line, it indicates a bearish trend. In the chart above, we can clearly see that the Lagging Span crossed down through the Conversion Line and Base Line. This indicates a strong bearish sentiment. However, we can also see that it quickly found support and rebounded back to an upward trend.

In a bullish market, the Conversion Line will be the second-highest line. As we can see in the chart above, this is true for CAKE’s price movement.

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CAKE Ichimoku Cloud (Source: TradingView)

Aside from the generally bullish sentiments, let’s talk about price levels. The Ichimoku Could, as seen above, shows an area of resistance and support. In the chart, support and resistance levels can be seen clearly. If CAKE makes a bullish recovery, support will be around $28, while resistance will be around $33. If a downtrend continues, support will be around $22.5, while resistance will be around $27.

Now, is it possible for CAKE to go 1 USD in 2021? Yes, anything is possible. If we are looking only at a short-term bearish trend within a wider bull market, CAKE can reach a new all-time high of around $100 dollars at the end of 2021. However, if it continues to go bearish, we may see a price drop to the $10 to $5 range.

You must always remember that this CAKE Price Prediction 2021 article is only here to help you with your purchase decision and must not be treated as financial advice. No one knows for sure how the market will perform. So, please buy at your own risk!

FAQ

Can CAKE coin reach $100 in 2021?

Yes, there is a possibility for CAKE to reach $100. However, it depends on the market’s performance.

How can I get PancakeSwap tokens?

You can get CAKE by purchasing it on exchanges.

Where can I buy or trade CAKE?

You can purchase CAKE at PancakeSwap, Binance, KuCoin, Gate.io, Bithumb, and many other exchanges.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

Source: https://coinquora.com/pancakeswap-cake-price-prediction-2021/

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El Salvador to airdrop $30 in Bitcoin to every adult citizen

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The president of El Salvador  has announced the government will airdrop $30 worth of Bitcon (BTC) to every adult citizen of the country.

The announcement was welcomed by Bitcoiners, with influencers speculating El Salvador’s government wil need to purchase the required BTC it intends to distribute adding more than $100 million in buying pressure on markets.

Quickly googled estimates of the adult population of El Salvador varied, with onchain analyst Willy Woo tweeting that Bitcoin’s global user base will grow by 2.5% thanks to the influx of 4.5 million Salvadorians.

Others placed the Salvadoran adult population as high as 6.5 million (which is actually the total population), with Yahoo Finance anchor Zack Guzman using the figure for some rough back of the envelope calculations suggesting that $195 million worth of Bitcoin will be airdropped across the country.

Exact figures are hard to find but Statista shows that in 2019 the population aged 15 and above was 4.72M.

However, crypto Twitter’s euphoria may be be slightly premature, as local publication Prensa Latina notes El Salvador’s citizens will only receive the free Bitcoin after downloading the government-issued cryptocurrency wallet application.

The news was announced during a June 25 press conference, with President Bukele stating the government’s “wallet app will even work anywhere with a cell connection, and you won’t have to have a cell plan for the app.”

President Bukele also stated that the country’s much-celebrated Bitcoin law recognizing BTC as legal currency nationwide will come into effect on September 7.

Related: Opposition poses constitutional challenge to El Salvador’s Bitcoin law

El Salvador’s Bitcoin law was passed roughly two weeks ago. While the move has been praised by the global crypto community, the legislation has faced opposition from a minority political party and the World Bank.

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Source: https://cointelegraph.com/news/el-salvador-to-airdrop-30-in-bitcoin-to-every-adult-citizen

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Ethereum London upgrade launches on testnet as 100K staked in a day on Eth2

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Ethereum’s forthcoming London upgrade, containing the highly-anticipated Ethereum Improvement Proposal (EIP) 1559, has been deployed on the Ropsten testnet.

Following the June 24 launch on Ropsten, London is now expected to progress through Ethereum’s Goerli, Rinkeby, and Kovan testnets at roughly weekly intervals — from which point the Ethereum community expects a date for mainnet deployment to firm up.

The new upgrade will see transaction fees burned. According EIP-1559 tracking website, Watch the Burn, roughly 88,500 testnet ETH nominally worth $177.6 million has been burned on Ropsten over the day since London’s deployment.

The high rate of Ether being burned on Ropsten has reignited discussion regarding whether EIP-1559 will render Ethereum deflationary — where more ETH is destroyed than new supply enters into circulation — and what this could mean for Ethereum’s price moving forward.

However, EIP-1559 is not the only upgrade that the community is looking forward to from London, with David Mihal of CryptoFees describing EIP-3074 as “fixing one of Ethereum’s most overlooked security issues” to do with approvals.

Related: A London tour guide: What the EIP-1559 hard fork promises for Ethereum

Coincidentally or not, crypto data aggregator, CryptoQuant, identified that 100,000 Ether had been deposited into Eth2’s staking contract around the same time as the launch, worth roughly $200 million.

CryptoQuant also noted that more than 5% of ETH’s supply is currently locked in staking worth approximately $11.75 billion.

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Source: https://cointelegraph.com/news/ethereum-london-upgrade-launches-on-testnet-as-100k-staked-in-a-day-on-eth2

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Crypto Companies Innovate to Serve Their Users Better

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The quest to leverage the crypto and DeFi boom means crypto companies must constantly be innovative to serve their users. If company “A” doesn’t do it, there is every certainty that company “B” will fill in that gap. TrustToken, Phemex, and Kryll are among the many crypto companies constantly innovating and launching new features on their platform. In this article, we shall look at some of the ways these companies are evolving in order to meet the demands of their users, and serve them better.

New $USDT lending pool by TrustToken

On June 18, 2021, TrueFi launched a new USDT lending pool for collateral-free loans. According to Head of Strategy Ryan Rodenbaugh, USDT remains one of the most demanded assets by crypto borrowers – and the new pool has grown rapidly in both size and utilization.

Growing these lending pools was helped by lucrative incentives: depositors enjoyed loan interest and generous TRU token rewards totaling more than 40-50% APY. In lending, utilization is key: with much of the capital sitting unallocated, are TrueFi users “overpaying” for stablecoins deposits?

TrueFi governance was quick to respond: a new proposal adjusting pool incentives based on utilization, pegging incentives for given lending pools (of TUSD, USDC and USDT today) to their rate of borrowing – dynamically – helping TrueFi reward the most productive assets.

The pools add a new way for crypto holders to earn returns while sitting in the safe haven of stablecoins during the market’s swings. In fact, TrueFi pools may offer some of the highest earning opportunities on stablecoins – and are free of impermanent loss.

Phemex launches Learn and Earn on its platform

Since its launch in 2019, Phemex crypto and futures trading exchange has been making giant strides in the crypto space. The platform offers spot trading, contract trading, and futures trading. It seeks to position itself as the most trusted in the industry.

In its bid to educate beginners on the crypto and blockchain industry, Phemex has recently launched its “learn & earn” program. The purpose of the new feature is strictly to incentivize new crypto users.

The new feature comes with interactive videos and other intuitive lessons designed for beginners. To motivate these learners, the crypto exchange has come with a way for learners to earn rewards while they learn. At the end of each lesson, users will be presented with a short quiz for them to provide the right answers. If a user answers all the questions correctly, the user will receive a reward from the platform. This becomes a good motivation for learners to pay attention and be serious throughout the learning process.

No more struggle to understand jargon-filled information

The “learn & earn” program is designed to be beginner-friendly and offers learners a fun and easy way to understand cryptocurrency basics. Users will first learn about Phemex’s essential features and how each feature works. The program also explained how cryptocurrency works and how beginners can trade cryptos on exchanges.

Kryll allows users to create their own crypto trading strategies

Krill is a crypto trading marketplace where users can create and own trading bots. There are currently more than 270 active trading strategies on the platform. Users can also publish their trading strategies for other users to use, and the publisher makes good profit in the process. In its bid to offer efficient services to users, Kryll developed tools that allow its users to create powerful trading bots for Binance, Kraken, and Bittrex. The interesting thing is that users don’t need to have prior coding skills to use this new feature on Kryll. Creating your trading bots on the platform is as easy as drawing on a whiteboard.

Users no longer have to constantly stay in front of their computers to trade. These bots are hosted in the cloud and operate 24/7. As a user of Kryll, you can now leverage the trading bots to save time and optimize your profits.

The platform also has a marketplace which gives users access to a community of experienced crypto traders who automate their trades on Binance, Kraken, Bittrex, and HitBit. Users can test, rent and offer automated trading strategies with each other.

Building better interaction with users

The innovative approach of crypto companies like TrustToken, Phemex, and Kryll is the tip of the iceberg, considering the high number of features introduced in the crypto space every day. It is an indicator that the cryptocurrency industry is still growing, and there are still more grounds to cover. TrustToken, Phemex, Kryll, and other crypto platforms are persistently leveraging the crypto boom to interact better with their users.

Image by Arek Socha from Pixabay

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Source: https://bitcoinist.com/crypto-companies-innovate-to-serve-their-users-better/?utm_source=rss&utm_medium=rss&utm_campaign=crypto-companies-innovate-to-serve-their-users-better

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