PancakeSwap’s (CAKE) has seen its share of ups, just as any other cryptocurrency.
- PancakeSwap registers over 53% increase in 24-hour trading volume
- You can find PancakeSwap in the top BNB projects right now
- CAKE’s next resistance level could be at $5
Two months later, it hit an all-time low of $0.19. The token was then trading at $0.19.
A quick look at CoinGecko data today shows that the number of 68 is presentThAt $4.80 crypto is ranked in market capitalization trading. It’s way lower than its record $43.96, reached on April 30, 2020.
CAKE could have lost 89% from its trading value, however that doesn’t mean it isn’t attracting strong traders.
The current data show that Christmas arrived early for this 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.
CAKE’s recent price recovery isn’t the only impressive thing about CAKE. The 24-hour trading volume of CAKE is also impressive.
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 without that, PancakeSwap still managed to make some significant leaps in the last week.
Can The Token Be As Popular as Real Pancakes?
The digital currency sold as fast as pancakes, if its latest trading volume is any indication.
After all, high trade volumes often denote “high retail excitement” and in crypto space, this might work wonders for an asset’s price.
CAKE has been a top-ranked BNB project and the most popular crypto investor watchlist for the week.
PancakeSwap bulls must capitalize on this momentum to keep prices above $4.50. If this is not sustained, $5 will be the next resistance.
If the pressure for buyers remains strong, CAKE’s short-term trajectory could be a sweet one.
CAKE market capital at $676 Million according to the Daily Chart | Source: TradingView.com Image featured from Cryptopolitan Chart: TradingView.com