PancakeSwap Adds Some Sweetness, Expands 6% In Last 7 Days

Christian Encila

2 years ago

3 mins read

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PancakeSwap (CAKE) most recent recovery sped up its bullish momentum as shown in the daily 20 and 50 EMA.

PancakeSwap looking bullish
CAKE price plunges 3.25%
DMI shows neutral

With the current economy of cryptocurrencies, traders need to know when it’s time to dip their toes and carve their potential to become millionaires.

The ensuing growth of PancakeSwap has brought the alternative coin dangerously close to its short-term EMAs. But in the upcoming sessions, the $4.4-$4.2 area might continue to present obstacles to recovery.

CAKE Shows Rising Wedge Recovery

The rising wedge recovery that CAKE experienced set the stage for its bullish revival. But by re-igniting the relatively brief selling pressure, the $4.2-$4.4 range changed from support to resistance.

According to figures by Coingecko, PancakeSwap is up 6% in the last seven days, and trading at $3.95 as of press time.

Before hitting roadblocks in the immediate resistance range, a potential rebound from trendline support might help buyers advance near-term gains.

Near the EMAs, a slow-moving phase has been caused by these motions. A strong reversal from the trendline support might give the bulls the upper hand and spark a choppy break.

The 20 EMA was able to go above the 50 EMA despite a patterned breakdown, and the currency found support close to the trendline resistance.

Source: TradingView.com

In the $4.2-$4.4 level, the current bounce from trendline support may reverse. A bounce back from this range would set up the coin for another attempt at the support of the trendline.

In either scenario, a slide below the trendline’s level of support would send a sell signal and confirm a bullish invalidation.

In order to show a reduction in the selling pressure, the Relative Strength Index (RSI) crawled itself just over the midline point. The bullish advantage might be reaffirmed by maintaining a position above the 50-level.

More so, the selling activity indicated a little ease in the Chaikin Money Flow (CMF). To support their bullish bias, however, traders should watch for a potential closure above the equilibrium.

Meanwhile, the $4 area may present obstacles for the current comeback from the trendline support. Buyers should keep an eye out for a sustained closure above the 20/50 EMA to confirm the bullishness because the indicators are flashing conflicting signals.

PancakeSwap – A Reliable DeFi

The previously discussed possible targets would continue to exist. Finally, keeping an eye on the king coin’s movement may enable you to place a successful wager.

PancakeSwap is the top DEX (decentralized exchange) on the Binance Smart Chain. The most frequented decentralized exchange is this food-themed DEX, which was founded anonymously in 2020 and has quickly gained popularity among DeFi aficionados.

The native token, CAKE, is given to investors in exchange for liquidity and can later be staked once to generate additional CAKE in a supercharged earning process. CAKE is regarded as one of the most reliable DeFi coins and a crucial investment.

CAKE total market cap at $566 million on the daily chart | Source: TradingView.com

Featured image from 10Clouds, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.