CAKE is finally seeing a little relief after a tough month. The token slid more than 30% in October, but buyers have stepped in at a key support level.
Now the big question everywhere is the same: Is this the start of a recovery, or just a quick bounce before more selling?
A few things are helping CAKE price today, mostly tied to what’s happening on BNB Chain and PancakeSwap’s real-world asset expansion. Let’s break it down.
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What you'll learn 👉
BNB Chain Strength Is Helping CAKE Hold Up
BNB Chain is seeing a major resurgence. It recently passed TRON to become the number one network for stablecoin users, with more than 190 million wallets now active. That shift has been great for PancakeSwap.
Here’s what stands out: PancakeSwap volume jumped 61% since late 2024 and it handled nearly half of BNB Chain’s $1.7 trillion DEX volume in Q3
More users means more liquidity. More liquidity means more CAKE gets used for fees, governance, and staking. When BNB Chain grows, PancakeSwap usually benefits right alongside it.
Tokenized Stocks Are Live – But Traders Are Watching
On October 29, PancakeSwap started letting users trade tokenized Apple, Tesla, and popular ETFs through a partnership with Ondo Finance, and the first 30 days have zero trading fees. That’s a big deal for bringing traditional investors into DeFi.
But the immediate price reaction wasn’t huge. CAKE price actually dipped around 5% right after the announcement, showing that the market wants to see real trading activity before fully pricing in the hype.
Still, this adds legitimate utility to the platform, something that often pays off later, not instantly.
The CAKE Chart Shows Stabilization – Not a Trend Change Yet
Technically, the CAKE price bounced right where buyers were expected to show up. The price recently found support near the 78.6% Fibonacci level around $2.38, while the RSI, which is currently hovering near 42, indicates that the selling pressure is finally easing off.
That’s a good first step, but more work needs to be done. CAKE is still stuck below the 200-day EMA at $2.53 and the MACD is still pointed lower, which tells us the overall trend hasn’t flipped yet.
So for now, this move looks more like the market catching its breath than a true reversal. If bulls can push CAKE back above $2.53 and actually hold it there, that’s when the recovery starts to look real.
How High Can CAKE Go?
CAKE is getting a boost from strong fundamentals on BNB Chain and growing excitement around real-world assets on PancakeSwap. But technically, the trend hasn’t flipped yet.
If buyers can continue to defend the support at $2.38 and break above $2.53, then momentum can start to shift in favor of CAKE.
If not, the CAKE price could slide back into the range it just bounced from. Right now, it’s a hopeful bounce with more proof still needed.
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