Amid the broader volatility, the DeFi tokens are making news with a potential breakout rally ahead. With the Uniswap team under pressure from the CFTC team and the fine of $175,000, PancakeSwap takes an interest in smart money. So, here are the top three reasons why the CAKE price can surge 40% This Week as the market grows.
In the past month, the trading volume of CAKE tokens on the Binance Smart Chain has increased by 23.88% compared to July. Over the BSC, in July, 12.78 billion CAKE tokens were traded, which increased to 15.833 billion in August.
The trading volume reveals the activity and the market interest for a specific token. With an increase in trading volume, buying and selling are on the rise, reflecting a spike in liquidity. Successively, high trading volumes can support bigger price moves if the buying pressure continues.
In the daily logarithmic price chart, the CAKE price action reveals the following channel pattern. The increasing bearish influence led to a death cross between the 50-day and 200-day EMA in June this year.
Currently, the CAKE price action is trading at $1.60 with an intraday growth of 0.36% following the weekend recovery to form a triple white soldier pattern, accounting for a 4.60% surge.
The ongoing bear cycle within the following channel is ready to challenge the $1.50 psychological mark. However, the growing bullish divergence within the CAKE price teases a potential breakout rally.
With a potentially rocky road ahead for DeFi, the UK’s FCA rejects 87% of crypto registration apps and Fed issues a cease-and-desist to United Texas Bank. Amid such increasing tensions, the Ripple teases the launch of RLUSD stablecoin and the Core Blockchain launches LstBTC, a liquid staking token offering BTC rewards.
Further, The Open Network Blockchain adds an extra $24M to its DeFi incentive program, boosting its total to $75M.
In conclusion, with the broader DeFi segment witnessing an increase in market interest, the DeFi tokens can surge. Further, the growing bullish signals for PancakeSwap tease a breakout run in CAKE price to the 200-day EMA at $2.26, a 40% surge.
Want to know how high the CAKE token price will reach in 2024? Find out now in Coinpedia’s CAKE price prediction for 2024 and years ahead.
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