CAKE, the native token of PancakeSwap, has ignited fresh excitement in the crypto market following a price breakout. With the CAKE price surging to $2.81, up 5.01% in the past 24 hours, traders are closely eyeing whether this momentum can deliver a sustained bullish rally.
Successively, backed by a $966.98 million market cap and a booming $172.52 million in daily trading volume, the token’s recent moves demand a closer look. The 24-hour range stretched from $2.68 to $2.85, adding volatility that both excites bulls and energizes short-term bears.
As I dive into the chart action, it’s clear that CAKE’s price story is about technical resilience. The breakout above the 30-day SMA at $2.56 and the crucial pivot at $2.73 set the stage for bullish momentum. Notably, the MACD histogram has flipped positive, signaling potential for further upside.
The golden cross at 7-day EMA rising above the 30-day EMA often triggers fresh trading interest. And many eyes are set on Fibonacci levels, the 38.2% retracement at $2.83 is the immediate hurdle. A solid close above this point opens the way toward the $3.14 swing high. But the RSI-14 currently sits at 56.94, teetering near overbought territory. This could mean the rally is running hot in the short term, raising the stakes for a possible correction.
Should momentum stall, I’m watching $2.66 as the first level of support for PancakeSwap price, and if bears regain control, a pullback toward $2.51 can’t be ruled out. Contrarily, if bulls press past $2.83 and maintain volume, the next leg could retest the $3.14 resistance, a level uncharted since recent swings.
CAKE saw a price jump thanks to bullish technical signals and the market’s positive reaction to PancakeSwap’s DEX dominance, token burns, and Solana integration.
A sustained move above $2.83 could set up a run towards $3.14, while support sits at $2.66, and stronger buying interest may emerge at $2.51.
With RSI nearing overbought levels, CAKE could face a short-term cooldown. Watch for consolidation near $2.83 or a dip back to key support if bulls lose steam.
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
October was expected to be a big month for top altcoins, including XRP, as investors…
The ASTER price has grabbed headlines this week after on-chain data revealed massive deposits by…
Over the past 24 hours, Aster price surged by an impressive 12.14%, clawing back from…
Market analysts have released a new list of the top cryptos to buy today, highlighting…
Ripple has announced a strategic partnership with Absa Bank to offer digital asset custody services…
Japan is set to take a firm stance against insider trading in the cryptocurrency sector,…
