CAKE tokens have added significant value to portfolios over the past month, indicating increased investor interest in them. Additionally, Decentralized Finance (DeFi) tokens have recorded significant volatility since the start of the month, highlighting a shift in market interest.
Additionally, PancakeSwap price is up 45% in the last 7 days and 89% in the last 30 days, indicating the growing demand for this DeFi token in the cryptocurrency space.
PancakeSwap price regains $5 for the first time since May 2022!
CAKE price was trading in a closed range between $2.647 and $3.018 for some period of time, after which the PancakeSwap token registered a 30.18% rise in its valuation, after which the price faced rejection at the resistance level of $3.446.
Afterwards, the CAKE token showed a neutral trend, trading in a closed range between $3.018 and $3.446 over the next 12 days, highlighting the cooling in price action within the market. After testing the low of $3.018, the bulls regained momentum and began trading on the upside.
PancakeSwap price added 53.01% to the portfolio over the next four days, indicating a strong bullish reversal in the market. After being rejected at $4.341, the token traded between $3.959 and $4.341 over the next few days. The latest gains saw another gain of 23.88% before being rejected at $5.182.
Moving Average Convergence Divergence (MACD) displays a persistent green histogram, indicating increasing buying/selling pressure in the industry. Moreover, the average shows a bearish curve, implying negative price action for the token in the future.
Will cake prices rise?
If the bulls regain value, CAKE price will be ready to test the $5.182 resistance level this week. Additionally, if the PancakeSwap price continues to trade under bullish influence, it will prepare to test the highest resistance level of $5.750 next weekend.
Conversely, a trend reversal could push the price up to the support level of $4.647. Moreover, if the bears continue to outweigh the bulls, the CAKE token will continue to bleed and test the lower support level of $4.341 in the coming days.