Will PancakeSwap’s newfound popularity affects CAKE in the coming days

  • Primal joined PancakeSwap’s Syrup Pool Farm
  • Despite the ecosystem updates, investors remain optimistic about the future of Cake

Pie [CAKE] He recently announced that Primal, a project symbolic for athletes, will be joining his brew farm starting December 28th. With this new development, users will now be able to participate in CAKE to earn PRIMAL.

During the first 48 hours, the farm will give out 0.2x CAKE prizes, followed by 0.1x prizes. Speaking of PRIMAL, it integrates with activity trackers, such as Fitbit, Apple, Oura, and Whoop so that users can earn tokens while working out.

Read Pie [CAKE] predict the price 2023-24

Did the cake rise to the occasion?

CAKE’s reaction to this update was not up to par, painting the daily chart red. to me CoinMarketCapCake price has recorded a decrease of more than 4% in the past seven days. Moreover, it is trading at the time of writing at $3.25 with a market capitalization of over $522 million.

However, Santiment’s data provided some relief, as some metrics across the chain revealed that things could soon improve cake next price movement.

Source: feeling

The token’s market capitalization to realization value (MVRV) ratio has dropped significantly over the past week, which could be a possible indicator of a market bottom. In addition, cakeThe s-rate has also registered a rise, which increases the chances of a trend reversal.

CAKE’s social dominance has increased several times over the past week, which reflects its popularity. Not only its social dominance, but CAKE’s popularity is proven once again. This was because it was ranked second in the list of top BNB chain projects in terms of the most mentioned in the last 24 hours.

Pie combustion rate It also looked very optimistic for the network as it recently burned 6,808,702 tokens, which were worth more than $22 million.

611.31 runs high on the cards If CAKE reaches the market value of BTC?

The bulls still have a war to fight

Even if the readings are in cakeIn favor, market indices painted a bleak scenario favoring the bears. The exponential moving average (EMA) range revealed the sellers’ advantage in the market as the 20-day moving average held below the 55-day moving average.

Moreover, CAKE’s Chaikin Money Flow (CMF) also registered a decline, which looked bearish. However, the Relative Strength Index (RSI) provided relief as it was near the oversold region. This may give investors some hope for higher prices in the future.

Source: TradingView

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