At the time of writing this article, CAKE has a value of $11.80 (5.05% decreased today) with a trading volume of $163,511,459 with an increase of about 25.26% over the past 24 hours. The drop of BTC by 4% has once again dropped the altcoins as well.
CAKE is listed on coinmarketcap in 54th place. It has a market dominance of 0.13%. CAKE had created its all-time high around the price of $44.28 in April 2021 and we saw an increase of about 125% that month. Soon after the price dropped to a level of $9.45. This month has been bearish for the price and we have seen a decrease of about 16.20% in December.
The maximum supply of CAKE is around 247M and has the same current circulating supply which is around 247M coins.
Technical Analysis – Pancake Swap (CAKE)
CAKE has been one of the slow gainers and one of those coins that are bearish on the higher time frame. We can see that the price was respecting a trend line and it had bounced from there during the crash. But it failed to shift the structure on the higher time frame.
It created a lower high and eventually came down to touch the trend line once again. It can be seen that for the past month, the price was printing red candles. As a result, we can see that the price, failed to hold the trend line and has broken below.
Now during this move which brought the price down, a weekly order block was created. This order block at the moment is unmitigated and as a result, this can be a reason for the price to move up now. If this happens then possible short positions can be opened at the order block, if we get the lower time frame confirmations for the reversal. Invalidation would be price going above and stabilizing itself from where we can look for a long position.
Price Prediction – Pancake Swap
According to wallet investor, CAKE is one of the most successful investments in the market. According to their predictions, CAKE is expected to reach a value of $30.618 in a time span of one year. For a five year $109.548. Investors think that it will soon reach the expected price though and we wouldn’t have to wait so much for the price to show big prices.
