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Pancakeswap was booming until November doubled its price
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PancakeSwap Token Is Weighed By Risk Contingencies Of FTX Sage
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The Cryptocurrency Remains in a Downtrend and Risks a Bottom
Looks like PancakeSwap (CAKE/USD) will have to end 2022 on a low note. CAKE was among a handful cryptocurrency Which was looking strong in the face of bearish market. However, this could not last beyond November. The aftermath of the FTX collapse has taken its toll on the cryptocurrency. Why have the tokens of decentralized exchanges or DEXs soared so far after the FTX saga?
The decline in CAKE is likely due to its association with Binance. The cryptocurrency is based on the Binance Smart Chain. Thus, the trust crisis facing centralized exchanges including Binance may have seeped into PancakeSwap. However, this does not mean that this is the case, as the bear market is also ravaging the crypto markets.
With CAKE touching a key resistance at $5.0 in early November, investors could exit the position. Of course, this was inspired by the collapse of FTX which brought down most of the crypto tokens. CAKE had already doubled in value since the June bottom, so investors may not want to risk the profits they’ve made. Based on these, the CAKE bullish market is over, at least for the time being.
CAKE’s technical outlook is bearish as price scales resistance
A technical approach suggests that CAKE has retested resistance at $3.5. The price has held firm since touching the level, suggesting the possibility of a downside correction.
The MACD indicator for the cryptocurrency is very bearish. Touching oversold conditions, there has been a slight correction in the RSI reading as CAKE price declined to $3.1. The reading remains below the midpoint, indicating that the bears are in control.
What is the expected next price of the cake?
CAKE price will remain bearish until the bulls climb above the $3.5 level. The next possible price levels for the cryptocurrency are $2.8 and $2.6. Investors should stay away till the bearish momentum subsides and should buy cake On a bullish reversal confirmation.
where to buy cake
binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited for more experienced investors and it offers a large number of cryptocurrencies to choose from, over 600. Binance is also known for its low trading fees and multiple trading options that its users can benefit from, such as; Peer-to-Peer Trading, Margin Trading and Spot Trading.
Buy CAKE with Binance today
swapzone
Swapzone is a crypto exchange aggregator that serves as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide users with a user-friendly interface, secure user flow and crystal-clear data to find the best exchange rates across the entire cryptocurrency market.
Buy Cakes with Swapzone today