This article will analyze the CAKE coin according to coinmarketcap data. First, we will discuss the CAKE coin and its projects and make a technical and graphic analysis. The analysis we will do in the weekly period will help the investors to take risks and manage their portfolios.
What is CAKE Coin?
CAKE is the native cryptocurrency of the PancakeSwap decentralized exchange (DEX), which operates on the Binance Smart Chain (BSC) network. PancakeSwap allows users to trade cryptocurrencies in a decentralized manner without needing a centralized exchange. CAKE coin is the governance token for PancakeSwap, allowing users to participate in decision-making processes such as protocol upgrades, fee adjustments, and other governance decisions.
What are the projects of CAKE?
Some projects associated with the CAKE coin include liquidity mining, yield farming, and staking. Liquidity mining involves users providing liquidity to PancakeSwap in exchange for CAKE rewards. Yield farming involves users earning additional CAKE coins by staking their liquidity pool tokens on the PancakeSwap platform. Staking CAKE involves locking up CAKE tokens to earn rewards and participate in governance decisions.
Factors Influencing CAKE Price
Several factors, such as market sentiment, overall demand and adoption of PancakeSwap, the performance of the Binance Smart Chain network, and the supply and demand dynamics of the CAKE token itself, influence the price of the CAKE coin. Additionally, any changes or updates to the PancakeSwap platform, such as the introduction of new features or partnerships, can also affect the price of CAKE. It is important to note that the cryptocurrency market is highly volatile, and CAKE’s price can fluctuate rapidly due to these factors and others.
CAKE COIN TECHNICAL ANALYSIS
CAKE coin fell to $2,486 after hitting its historic high of $44,278 in May 2021. Currently trading at a discount of 91% from its historic high, CAKE is trading at $3,740 in the market. According to coinmarketcap data, CAKE, which has a size of $683,630,302, has had a volume of $52,405,149in the last twenty-four hours.
CAKE Chart Analysis
2021 sees May, $44,278 has fallen from the past, and CAKE, which has lost 94% of its value, seems to have broken the falling trend at the beginning of 2023. When we examine the chart, it will aim at the upper resistance level of $5.73 as long as it stays above the $3.01 support. 3.01 dollar support limitation down filtering will increase the selling pressure on CAKE, and it should not be ignored that we may experience pullbacks towards 2.50 pull.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when deciding. This article does not include investment advice or suggestions. Every investment and trading move involves risk, and readers should perform their analysis when determining.