Pancakeswap (Cake) has made an impressive 52.7 percent impressive rise in the last 24 hours and managed to rise up to $ 3,17. The increasing impact on the defi ecosystem and investor interest are among the main factors that support this rally. However, analysts have different views on whether Cake can continue this rise.
The reason for the rise of Pancakeswap
Pancakeswap, BNB Chain, Ethereum, Aptos and Polygon are among the important decentralized stock exchanges operating in many block chain networks. Recently, such as Uniswap and Raydium, leaving behind its competitors reached $ 21.2 billion per week.
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Binance Wallet’s regulation of a special token production event on Pancakeswap for Myshell.AI platform was one of the most important developments that trigger price increase. This event increased the demand for Cake by increasing the use of Pancakeswap.
Investor interest and technical indicators
The latest data shows that Cake owners increased by 14.56 percent in the last year and reached a total of 1.81 million. The fact that major investors have increased Cake purchases in the last four days had a positive impact on the price.
The expectation of rise in the futures market also draws attention. The amount of open position increased by 120 percent and reached 86.08 million dollars. Technical indicators also show that the rise can continue. The Macd indicator made upward intersection, while the Aroon Up level reached 100 percent, giving a strong bull signal.
Expectations in Cake Price
If the current rise moment continues, it seems possible to re -test the $ 4.32 level that Cake has reached in December in the coming days. Although the technical indicators show strong acceleration, the RSI level may increase as the excessive intake zone may increase.
If the investor interest continues, the price can be expected to settle over $ 3 and to be traded at these levels for a long time. However, in a possible withdrawal, the Cake may decrease to support levels of $ 2,50-2.60. Cake was traded for $ 3.05 at the time of writing this article, while the market value is 891 million dollars.
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