CAKE is about to be baked, traders might benefit from PancakeSwap if…

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Pan­cakeSwap has grabbed the atten­tion of traders recent­ly. This, after it reg­is­tered a promis­ing per­for­mance in the last few days. Despite the cur­rent bear­ish mar­ket con­di­tion, CAKE man­aged to out­per­form its com­peti­tors to remain in the green territory. 

At the time of writ­ing on 25 Sep­tem­ber, CAKE’s val­ue had increased by over 4% in the last sev­en days and was trad­ing at $4.57 with a mar­ket cap­i­tal­iza­tion of $652,034,047. Though there can be sev­er­al rea­sons for this surge, mul­ti­ple pos­i­tive devel­op­ments in the com­mu­ni­ty might have fueled this episode. 

What’s going on?

While CAKE’s price grew, sev­er­al inter­est­ing devel­op­ments hap­pened in the com­mu­ni­ty, which helped CAKE gain attention. 

For instance, CAKE ranked just behind the top per­former XRP in the list of the top 10 coins by 1‑week AltRank. This rank­ing is a mas­sive bull sig­nal as it sug­gests that the coin’s price has a high­er pos­si­bil­i­ty of going up in the com­ing days. 

More­over, CAKE was also trend­ing on Coin­Mar­ket­Cap for being one of the most BNB chain trend­ing projects. This sig­ni­fies the pop­u­lar­i­ty of the token in recent days, which in itself is anoth­er pos­i­tive signal. 

Inter­est­ing­ly, sev­er­al on-chain met­rics also indi­cate bet­ter days for the token ahead. For instance, CAKE’s devel­op­ment activ­i­ty reg­is­tered a con­sid­er­able uptick. 

As devel­op­ment activ­i­ty rep­re­sents devel­op­ers’ effort in improv­ing a blockchain, things look good for CAKE. 

More­over, CAKE’s social vol­ume also increased in the past month, which proves why it was trend­ing. Not just this but CAKE’s NFT space was also heat­ed after the total NFT trade vol­ume in USD grew dur­ing the last week.

Source: San­ti­ment

Going forward

CAKE’s dai­ly chart also paint­ed a sim­i­lar bull­ish pic­ture as most of the mar­ket indi­ca­tors were in buy­ers’ favor. 

Inter­est­ing­ly, a bull­ish ascend­ing tri­an­gle pat­tern was formed in CAKE’s chart, which fur­ther increased the chances of a north­bound break­out soon. 

The Rel­a­tive Strength Index (RSI) reg­is­tered an uptick, which was yet anoth­er bull­ish sign. The Expo­nen­tial Mov­ing Aver­age (EMA) Rib­bon indi­cat­ed that the buy­ers had an advan­tage in the mar­ket as the 20-day EMA was above the 55-day EMA. 

How­ev­er, the Chaikin Mon­ey Flow (CMF) was in a neu­tral posi­tion, this might cause hin­drance in CAKE’s next uptrend. 

Source: Trad­ingView



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