The cryptocurrency CAKE, native to the popular PancakeSwap decentralized exchange, has seen a notable price spike lately. Analysts weigh in on what’s driving the pump and what to expect next after the over 50% surge.
What you'll learn 👉
According to CryptoJones, the recent breakout in CAKE looks promising, with the price trajectory continuing upward. While there is still a ways to go to revisit old highs, CryptoJones believes the partnerships and developments coming from PancakeSwap bode well for further momentum.
In another tweet, CryptoJones points to CAKE’s deflationary tokenomics and PancakeSwap’s dominance as a leading DEX on Binance Smart Chain as key reasons to keep buying the token. The platform’s growth continues attracting users and activity.
Retracement Before More Upside
Analyzing the price chart, Binance Master sees potential for some retracement after the 50%+ spike, which could offer an opportunity before more upside. But the overall downtrend appears to have reversed, so pullbacks could be a chance to get in before CAKE pushes much higher past $2.
- Crypto Lawyer Explains Why Ripple ‘Is Not Going to Abandon XRP’
- Get Rich With This Brand-New Meme Coin That’s Taking the Market by Storm
- A Weekly Close Above This Channel Top Will Trigger Massive Buys for Dogecoin (DOGE)
CAKE’s strong fundamentals as the native token of PancakeSwap seems to be driving renewed interest in the previously beaten-down token. Analysts are now anticipating more upside after the initial 50% breakout, which could take CAKE to retest old highs. Traders may want to watch for retracements as potential entry points before the next leg up.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy thetrades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com