- PancakeSwap (CAKE) is edging higher in Thursday trade
- CAKE was trading at $20.25, having gained 22.88% in the last 24 hours
- PancakeSwap highlights March’s top developing DeFi project
After a brief consolidation, PancakeSwap (CAKE) is edging higher against the US dollar in Thursday trade, following a breakout above the $20 psychological level. Volatility is expected to pick up pace in the coming days after the market sell-off. The Altcoin market led by Ethereum succumbed to selling pressure at the week’s start.
PancakeSwap is a Decentralized Exchange (DEX) built on top of Binance Smart Chain (BSC), while CAKE is the governance token for PancakeSwap.
PancakeSwap has a present market valuation of $3 billion with a circulating supply of 150 Million CAKE coins and an infinite maximum supply. At the time of writing, CAKE was trading at $20.25, having gained 22.88% in the last 24 hours and 18.36% on a 7-day basis.
On Apr. 7, on-chain analytics, Santiment released the countdown of the top 10 highest developing DeFi-based projects in March. PancakeSwap (CAKE) clinched 2nd spot ahead of MakerDao. CAKE reacted positively to the news as seen in the price uptick. This comes despite the phishing attack in mid-March. The BSC-based project was attacked after its website was replaced with a malicious interface.
CAKE/USD 4-Hour Chart: Bullish
CAKE is trading higher, bouncing off from April. 7 lows of $15.56. The Altcoin subsequently refreshed new highs at $21.20. The technical structure suggests further upside pressure as the RSI hovers near the 70 thresholds.
If the strong bounce continues, CAKE may attain highs of $36.65. The short time frame indicates a clear air pathway on the approach to $36.65 with no resistances above. Meanwhile, if the bullish momentum is contained, the CAKE/USD pair may trade sideways for a few more days before resuming the next move. The support and resistance level of the CAKE consolidation range between $15.56 to $21.20 are key levels for a bullish or bearish breakout.
CAKE/USD bullish view will invalidate if the bears sink and sustain the price below the consolidative support at $15.56. Such a move will suggest a possible change in sentiment that could drag the price down to $10.49.
Supply Levels: $36.65, $28.50, $21.20
Demand Levels: $15.56, $12.88, $10.49
To summarize, the CAKE/USD pair is only intraday bullish while trading above the $15.56 level; key technical remains at the $21.20 and $36.65 levels.