on the crypto
The PancakeSwap token (quotation CAKE) is garnering a lot of interest among cryptocurrency investors these days. In fact, most of the indicators are green and the token has even outperformed most of the top 100 cryptocurrencies. Let's take a look at the soaring rise of this token over the last day and see if it's worth investing.
A very encouraging last week for CAKE
According to CoinMarketCap, PancakeSwap (CAKE) has seen a resurgence of interest from cryptocurrency investors. Despite an extremely uncertain market, the token has outperformed almost all other cryptocurrencies in the past 7 days. PancakeSwap (CAKE) ends its week largely in green.
The token is among the top 3 digital assets on CoinMarketCap's trend list. At the time of writing, the token has gained 10,3% in 7 days and 4,1% in the past 24 hours. Finally, the asset gained nearly 30% in 1 month (28,5%). Its price is now $ 4,80 with a market capitalization of $ 672 million.
Therefore, the PancakeSwap token is one of the only ones in recent days to see its indicators in green. Be it for a day, a week or a whole month.
CAKE among the best cryptocurrencies of the last few days
Additionally, the LunarCrush site reported that the CAKE token was just behind XRP as the top token according to AltRank over the course of a week. This type of ranking gives us information on the dynamics of a digital asset. For example, the interest that investors have in it, but also the bullish dynamics it can have.
Trading volume increased by over 52% in just 24 hours. Today it has reached 55 million dollars. The high trading volume can reflect a high level of investor euphoria and thus support the short-term uptrend.
What predictions for the future?
With numbers like these, one wonders if the token will continue its rise. This recent rise has allowed the token to recoup the losses it suffered last June. In fact, the PancakeSwap suffered a drop in value of nearly 40%. Over the past 5 months, the $ 4,50 threshold has been a key resistance for the digital asset.
If the bullish momentum continues to break out of this resistance level, the next barrier could be the $ 5 level. Based on the daily chart, a short-term uptrend is possible, considering the relative strength of the token. Furthermore, continued buying pressure would reinforce this short-term uptrend.
Another factor may suggest that the token's value will continue to rise. PancakeSwap (CAKE) reported that it burned the equivalent of $ 7.002.686 in tokens.
However, if the uptrend does not reach the symbolic $ 5 threshold, a decline to $ 4 could be expected.
