Here’s Why PancakeSwap (CAKE) Price Is Up Today

PancakeSwap is ignoring the rest of the crypto market and doing its own thing. While most coins are sliding, CAKE price is up more than 10% today, trading around $4.42, its highest level in months. Volume has also exploded, climbing nearly 90% in just a day. Clearly, traders are waking up to PancakeSwap again.

One of the biggest reasons behind this surge is the growing strength of the BNB Chain ecosystem. Trading activity across the network has shot up, hitting over $6billion on October 7th, the second-highest level of the year. PancakeSwap handled about three-quarters of that volume.

Every swap on the platform burns fees, which means more demand and fewer tokens in circulation. Combine that with BNB’s own rally, up more than 100% since the start of the year, and you’ve got a perfect setup for CAKE to ride that wave higher.

What Is The CAKE Chart Saying?

On the technical side, PancakeSwap price just broke out of a massive 567-day symmetrical triangle and even hit $4.55 intraday before pulling back slightly. The chart looks powerful. Momentum indicators are flashing green, showing strong buying pressure.

Image Source: X/CryptoDoc

Traders are now watching the $4.95 level closely, a price that hasn’t been broken since 2022. If CAKE manages to close above it, the move could easily turn explosive, with targets around the $9 region. 

As analyst CryptoDoc pointed out, CAKE price is already at its first major hurdle, and if it clears this zone, we could be looking at a run toward double digits.

Read Also: Cardano (ADA) vs SEI – Which Is the Better Crypto to Buy Right Now?

Market Confidence Stays Strong Despite the Hack

Even more impressive, PancakeSwap managed to rally despite a minor security scare. Its Chinese X account was hacked to promote a scam token, but the market didn’t care. The CAKE price kept climbing, showing that confidence in the project remains strong. Investors clearly see this as a temporary hiccup rather than a real threat to the platform.

There’s also the launch of CAKE.PAD, which is giving stakers early access to new project launches with full unlocks. 

The best part? All participation fees get burned, making CAKE even more deflationary. Add that to the fact that PancakeSwap still handles most of the liquidity on BNB Chain, and it’s clear why traders are starting to pile back in.

CAKE Price Short-Term Outlook: A DeFi Comeback in Motion

Right now, momentum is firmly on PancakeSwap’s side. As long as it stays above $4, the PancakeSwap chart suggests the next move could easily target the $6 to $9 range. 

With strong fundamentals, rising burns, and renewed trader interest, this could be the start of a much bigger comeback. The $1 billion burn era for CAKE might just be getting underway.

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Boluwatife Afe
Boluwatife Afe

Boluwatife is a dedicated content strategist specializing in the crypto industry and is passionate about blockchain technology and digital currencies. With a keen eye for emerging trends and a talent for making complex topics accessible, Boluwatife aims to educate and inspire the crypto community through engaging and insightful content.

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