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Pancake Swap narrows losses to 2.45% in last one week
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Decentralized Exchange Protocol Backed by Binance
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Cake faces resistance at $4.12 but could break if momentum remains strong
Pancake Swap Cake/USD is a cryptocurrency to watch as prices move lower from the latest losses. The cryptocurrency’s losses in the past week were only 2.45% as of Wednesday. The smaller losses were followed by the recovery of the previous three days. The coin trades at $3.92 after touching a low of $3.6 on August 20th. Token is halving but still pointing higher.
Pancake Swap continues to make strides in the DeFi sector despite ranking below its peers. The decentralized exchange is backed by the largest crypto exchange, Binance. Binance Labs has also invested in PancakeSwap, another sign of the trust it has earned. However, its native coin has been undervalued, and its price is largely driven by market momentum.
CAKE approaches resistance as price overcomes recent decline
Source – TradingView
On the daily chart, the CAKE is trading below the $4.12 resistance level. The token is holding an uptrend that started in mid-June. The momentum indicator shows that the coin’s latest bearish momentum is weakening.
As the bull strength continues, CAKE will hit the resistance very soon. A possible breakout will happen if sentiment improves and the cake continues to attract buyers. Still, at low valuations, the cake is attractive to long-term buyers.
If the cake breaks above $4.12, the next level to watch is $4.8. Since Cake is following the market, we also need to monitor the prevailing crypto sentiment.
summary
Cake is recovering from the recent recession. The coin is acting as the next level with resistance at $4.12. The breakout of resistance will depend on crypto sentiment.