16.1 C
New York

PancakeSwap prediction as price rejects decline below $4.12 support

Date:

  • PancakeSwap is a decentralized exchange with a role to play in DeFi.

  • CAKE has made solid recoveries and risen on the CoinMarketCap ranking.

  • CAKE is pushing above key support of $4.12.

PancakeSwap CAKE/USD is among the few cryptocurrencies that have remained steady. As of press time, the cryptocurrency had gained 2.30% in the last 24 hours. Losses in the week are now 3.23%, quite negligible considering that many tokens had lost by double digits.

On the CoinMarketCap ranking, CAKE has climbed to position 66. That is a significant jump from position 78th on July 20. CAKE shows that it can still go higher as bulls reject a decline below $4.12 following a retracement. 

In the crypto ecosystem, PancakeSwap is classified as a decentralized exchange or DEX. It is a non-custodial peer-to-peer marketplace for buyers and sellers of cryptocurrencies. On PancakeSwap, users can swap tokens and participate in yield farming. With these notable features, PancakeSwap plays a role in the growth of the DeFi sector. The protocol runs on the BNB Chain, and Binance Labs already holds an investment. 

PancakeSwap movement and prediction as recovery continues

Binance

- Advertisement -

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.


Buy CAKE with Binance today

Swapzone

Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.


Buy CAKE with Swapzone today

imageSource – TradingView

A technical outlook shows that CAKE is bullish. Since the recovery started in June, the cryptocurrency has maintained a system of higher highs and higher lows. CAKE recently touched a high of $4.5 before correcting to $4.12. The token has maintained above the 20-day and 50-day moving averages for some time now. The MACD indicator remains in the bull zone despite momentum weakening.

Concluding thoughts

To a short-term trader, any dip is an opportunity to buy CAKE. The current level presents a buying opportunity. Our prediction puts $4.5 as the immediate resistance level. If the price overcomes $4.5, it could head to $5.0 next.

  • Coinsmart. Europe’s Best Bitcoin and Crypto Exchange.Click Here
  • Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
  • Source: https://coinjournal.net/news/pancakeswap-prediction-as-price-rejects-decline-below-4-12-support/

Related articles

OKEx

spot_img

Recent articles

spot_img