PancakeSwap surges 86% in 7 days - what's next?

The Rise of PancakeSwap [CAKE]: A Top Gainer in Recent Times

In the past 30 days, the price of CAKE, the token of PancakeSwap, has surged by over 90%. This bullish trend is reflected in CAKE’s daily chart and market sentiment, which remains positive.

PancakeSwap is sitting on top

AMBCrypto analysis reveals that CAKE’s Relative Strength Index (RSI), Money Flow Index (MFI), and Moving Average Convergence Divergence (MACD) all indicate a clear bullish sentiment in the market. Additionally, the Chaikin Money Flow (CMF) for CAKE has remained above the neutral mark, further contributing to the price rally.

Will PancakeSwap manage to further sustain the pump?

While the RSI and MFI indicators suggest overbought conditions, which could lead to a price correction, the current data shows that CAKE is up by over 4% in the last 24 hours. Market sentiment around CAKE remains positive, with bullish sentiment and social engagements increasing by over 40% last week. The token is currently trading at $2.30 with a market capitalization of over $524 million.

Realistic or not, here’s CAKE’s market cap in BTC’s terms

According to Santiment, CAKE’s price increase was supported by a significant surge in trading volume. However, it is worth noting that despite the price hike, CAKE’s MVRV ratio dropped, which could potentially be a cause for concern.

### News source:

See also  Shiba Inu Soars as Prices Break Major Resistance Barrier

By Team