Motivated CAKE investors need to consider these metrics before committing

  • Pancakeswap ranks second on the list of BNB projects with the highest social engagement
  • Developmental activity and social dominance

pie swap [CAKE] It recently made it to the list of the top BNB projects with the highest social engagement, behind only QUACK. This was a promising development as it reflects the popularity of CAKE in the crypto industry.

A possible reason for this update could be CAKE’s new partnership with Celer Network. This new collaboration will now allow users to provide liquidity to Pancakeswap and harvest cakes on the BNB chain.

Most of the cryptocurrencies in the market have struggled to increase their value in recent weeks. Moreover, thanks to the bear market, the value of CAKE also registered a decline. according to CoinMarketCapCAKE posted a weekly decline of 15%.

Moreover, in line with the above information, some of the metrics were also in favor of buyers.

Read Pancake swaps [CAKE] price prediction 2023-24

Good buying opportunity?

CryptoQuant data It revealed that the CAKE stochastic was positively oversold. This could be a massive bullish sign that opens up a new opportunity for investors to accumulate.

Not only that, but Santiment’s chart also indicated that things might change cakeFit soon. CAKE development activity increased dramatically last week. This can be seen as a good sign as it indicates the increasing efforts by the developers to improve the network.

CAKE has also been very popular in the community as it has recently increased its social dominance.

Source: feeling

cakeThe NFT space showed an interesting move as total NFT trading along with USD volume posted a slight uptick. Later in the week, however, the trading volume saw a drop.

Source: feeling

Some fears are inevitable

Although the scaling values ​​are turned on cakeOn the flip side, market indices revealed an entirely different story. According to market indicators, the bears had a huge advantage over the bulls in the market.

The Money Flow Index (MFI) settled well below the neutral mark, which is a negative sign. The MACD reading also complements the MFI reading and suggested market seller feature.

The exponential moving average (EMA) band showed a bearish cross, which increases the chances of the bearish trend continuing in the coming days. All of these indicators, together with the results of the Bollinger Bands, indicated that the CAKE price was in a highly volatile area. This indicates that investors may have to pay a little more to get better returns.

Source: TradingView

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