PancakeSwap: Deciphering what’s in store for cake carriers in the long run

  • The price of cake has increased by 5% in the past 24 hours.
  • The gauges looked bearish while the market indicators supported the bulls.

Pie [CAKE] Recently announced that it will launch a new lottery prize to celebrate the Lunar New Year. This Lunar New Year lottery promotion offers a chance to win up to 26,530 cakes.

Users can start purchasing tickets from January 27th. After the first sale of 3,000 tickets, the grand prize winner will receive 100 donuts for every 1,000 tickets sold. Interestingly, PancakeSwap will add 0.1 cake to the jackpot for every retweet and like campaign tweet.

Realistic or not, here it is CAKE market cap in BTC reformers

Shortly after this announcement, PancakeSwap saw an increase in the number of users on the network. Token Terminal data revealed that PancakeSwap was among the top five Dapps and blockchains in terms of daily active users. BNB, Ethereum, and Polygon topped the same list.

Should investors be satisfied?

After this development, CAKE price has increased by more than 5% in the past 24 hours, resulting in gains on the chart. to me CoinMarketCapAt the time of writing, CAKE was trading at $3.82 with a market capitalization of over $646 million.

CAKE’s MVRV has increased in recent days, which may have played a major role in this recent price increase. However, CAKE’s speed dropped sharply on January 20th. In fact, her popularity has also plummeted in the past week as her social volume has plummeted.

Source: feeling

with you 1,10,100 cakes Today’s worth

But there is hope

Most of the metrics did not support the price hike, and CAKE’s daily chart provided much needed hope. The Relative Strength Index (RSI) held above the neutral mark, which was bullish.

cakeChaikin Money Flow (CMF) was also relatively high, which increased the chances of a price hike. In addition, the exponential moving average (EMA) revealed that the 20-day EMA is rapidly approaching the 55-day EMA, indicating a possible bullish cross in the coming days.

Source: TradingView

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