PancakeSwap scores some positive updates, but CAKE may crash soon

  • PanCakeSwap announced Her latest proposal is to make adjustments to farm rewards.
  • Some metrics supported higher CAKE prices, while indicators were bearish.

on January 5th Pie [CAKE] He updated the crypto community regarding his latest proposals for modifications to Farm Rewards. To clear the air, these mods do not reduce farmer CAKE rewards, so the allocation per block to farms and lotteries will remain at ~2.01 CAKE/block.

The total amount of CAKE contributed to the APR will be the same. The main difference in this round is the multiple adjustment for CAKE farms, such as CAKE-BNB, which currently has a flexible APR of around 19% and an incremental APR of 37%.

how many Donuts can be eaten for $1?

cake It was also recognized in the December 31 dataset, which showed that PancakeSwap ranked first in the list of the top 10 TVLs in the BNB chain as it accounts for more than 50% of the total TVLs. XVS and ALPACA finished second and third on the same list, respectively.

Was PancakeSwap affected?

CAKE price responded positively, as the weekly chart was painted green, unlike many other cryptocurrencies. to me CoinMarketCapThe price of CAKE is up about 3% in the past 7 days and at the time of writing it is at $3.26 with a market cap of over $530 million.

Some metrics revealed what was happening in CAKE’s favor and helped the token increase its price in the past few days. CAKE’s MVRV rose sharply, which was a signal in favor of the buyers.

cakeThe popularity of this channel has also increased recently with its social volume increasing. Interestingly, Kik ranked third existing of the cryptocurrency on the BNB chain in terms of social activity a few days ago.

One worrisome metric was that CAKE’s speed had not registered a slight uptick in the past week, which can be annoying.

Source: feeling

Read Pie [CAKE] predict the price 2023-24

Concerns remain

On the one hand, the metrics looked optimistic, and on the other hand, market indicators indicated otherwise. cakeThe exponential moving average (EMA) bar revealed a massive bearish edge in the market as the 20-day moving average settled below the 55-day moving average.

The Relative Strength Index (RSI) remained below the neutral level, which also looked bearish. CAKE’s Chaikin Money Flow (CMF) has been declining and has been trending towards a neutral position, which may cap CAKE’s current bullish trend.

Source: TradingView

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