PancakeSwap Watch: CAKE Trading Volume Spikes Over 50% In 24 Hours
PancakeSwap (CAKE), just like any other cryptocurrency, has had its share of ups and downs.
- PancakeSwap registers over 53% increase in 24-hour trading volume
- PancakeSwap among trending BNB projects today
- CAKE’s next resistance level could be at $5
Just two months after it was launched on September 2020, the token hit its all-time low to date. Back then, it was trading at just merely $0.19.
Today, a quick glance of data provided by CoinGecko shows the 68th ranked crypto by market capitalization trading at $4.80. It is way below its $43.96-all-time high that was attained on April 30, 2021.
CAKE might have lost 89% of that impressive trading value, but that does not necessarily mean the token is not commanding strong interest among traders.
If anything, current data shows Christmas came early for the digital asset.
PancakeSwap Outperforms Many Cryptocurrencies
The crypto market is continuing to deal with bearish conditions, but CAKE was able to pull off an impressive feat – close the day and the week in green and outperform many of its competition.
Over the last seven days, the governance token of PancakeSwap was able to increase its value by 9.4% and is one of the few digital assets to be “on the green” in today’s market.
Its price recovery is not the only thing that is impressive about CAKE right now. Its 24-hour trading volume is also standing mighty strong.
In fact, there was a 52% increase in the token’s trading volume, even reaching over $55 million before slightly reverting to above $51 million at the time of this writing.
Even with that, PancakeSwap has shown some impressive leaps for the past week.
Will The Token Sell Like Real Pancakes?
If its most recent trading volume is any kind of indication, the digital currency, by the looks of it, actually sold like pancakes.
After all, high trade volumes often denote “high retail excitement” and in crypto space, this might work wonders for an asset’s price.
Over the past week, CAKE placed high on the watch list of crypto investors and is among the trending BNB projects.
The PancakeSwap bulls, though, needs to capitalize on this momentum in order to sustain price level of above $4.50 as this will lead to $5 as the next resistance level.
If the pressure for buyers remains strong, CAKE’s short-term trajectory could be a sweet one.
CAKE total market cap at $676 million on the daily chart | Source: TradingView.com Featured image from Cryptopolitan, Chart: TradingView.com
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