PancakeSwap price is rising on the wave of optimism after the BNB coin hit a fresh ATH. At the time of publication, it is changing hands at $3.25, with an overnight surge of 13.47%. This run was assisted by the trading volume nearly tripling to $410.91 million. As a result, the market cap has soared to a healthy $1.23 billion.
For young players curious about the connection between CAKE and BNB. Pancakeswap is heavily linked with the BNB chain, which enabled over 96% of its $513 billion Q2 trading volume. Conversely, PancakeSwap expanded to Coinbase’s Base chain on July 22, increasing its multichain reach. This leads us to the hot topic being baked: “Where is PancakeSwap price heading next?”. And the answers to this lie in this analysis.
Looking at the technicals, CAKE price had recently formed a golden cross as the 20-day EMA crossed above the 50-day EMA on July 23. However, the RSI is currently at 80.31, deep in overbought territory, which could imply a short-term pullback. However, strong momentum suggests that the dip-buying interest is high.
The breakout above the $2.968 resistance, which is now a new support, and the Bollinger Band breakout point at $3.18 confirm upward strength. The next major resistance for PancakeSwap lies at $3.30. If CAKE closes above this level, the $3.53 Fibonacci extension is within reach. Contrarily, $2.82 and $2.47 are key support levels traders need to watch in case of a correction.
CAKE’s price rally is driven by BNB’s surge, its expansion to Base, and increased token burns.
The RSI at 80+ suggests overbought conditions, but momentum remains strongly bullish. Hence, caution is advised before making purchases.
The next critical resistance for PancakeSwap is at $3.30, if broken, CAKE may target $3.53. That being said, the support sits at $2.97 and $2.82.
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