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- CAKE price escaped the cage and witnessed a range breakout in the last sessions.
- Buyers have gained traction and are eyeing to extend the bullish wave.
The PancakeSwap (CAKE) token price picked momentum and surged over 25% this week. For weeks, CAKE was hovering in a range and did not reveal any impulsive move.
Now, the token has defied the selloff and has gotten rid of the consolidation movements. The price action highlights a bullish crossover, and the token is crossed above the key moving averages.
Meanwhile, the sellers looked trapped, and buyers looked confident, which highlights further probability of a rise toward the Fib level of 50% near the $3.80 mark.
At press time, PancakeSwap token (CAKE) traded at $3.19 with an intraday gain of 2.70%, reflecting a chart breakout. It has a monthly return ratio of 19.30% and 94.30% yearly.
The pair of CAKE/BTC is at 0.0000450 BTC, and the market cap is $5.42 Billion. Analysts are neutral and suggest that the CAKE price might stretch the bullish wave and will reach the upside mark of $4 soon.
CAKE Looks Promising: Could it Reach $4 Mark this Month?
After a long consolidation, the CAKE token escaped out of range and surged over 25% this week, revealing buyers’ accumulation.
A break and close above the $3.70 mark would lead to a sharp, impulsive move toward the $4.50 mark in the next sessions.
Following the rebound from the bottom, investors have shown their interest, and a significant surge in trading volume of over 23% was noted in the last 24 hrs.
Source: Santiment
The key metrics turned bullish, and the RSI curve soared to the overbought zone and witnessed a positive crossover.
In a tweet by @PancakeSwap v4, the CAKE token witnessed an impressive surge in the monthly trading volume by over 176% to $1.19 Billion. This achievement is only possible because of its community efforts and dedication to its work.
Our Base PancakeSwap trading volume, including v2 & v3, has seen an incredible leap, jumping from $467M to $1.19B in just one month—a massive increase of $727M and a new monthly all-time high!
— PancakeSwap v4 (@PancakeSwap) June 5, 2024
This achievement wouldn’t have been possible without our amazing community. Thank you… pic.twitter.com/N3BeJjYy4J
Source: X
Analyst @World of Charts mentioned in his tweet that the CAKE token has made a bullish pennant formation and might surge up to 2x soon.
$Cake
— World Of Charts (@WorldOfCharts1) June 4, 2024
Forming Text Book Bullish Pennant Expecting Massive Breakout Soon Successful Breakout Can Lead 2x Bullish Wave#Crypto #Cake pic.twitter.com/4FGVW8ow0p
Source: X
Social Dominance and Total Amount of Holders Outlook
This week, the social dominance value spiked over 19% and reached 0.861%, witnessing an impressive spike in investor discussion activity on social media platforms.
Source: Santiment
Sharp Surge in Transaction Count Data
In the last trading session, the transaction count sharply spiked over 43% to 34.8K and then dropped to 16.7k, witnessing a massive increment in the transaction count this week.
Source: Santiment
Moreover, the active addresses data significantly pumped over 12% to 23.9k, witnessing a surge in investor interest.
The immediate support levels for the CAKE token are $3.0 and $2.70, whereas the key upside hurdle is around $3.60, followed by $4.
Conclusion
The PancakeSwap (CAKE) token price gained momentum and escaped a range trajectory. The token might outperform ahead and will retest the upside region of $4 soon.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
