PancakeSwap [CAKE] made it into the headlines once more because it was among the many high cryptos on the BNB chain when it comes to social mentions on Twitter.
Right here’s AMBCrypto’s Worth Prediction for PancakeSwap (CAKE) for 2023-24
🎉 MOST-MENTIONED #BNBCHAIN Initiatives on @Twitter🚀
🥇 $QUACK @RichQuack
🥈 $CAKE @PancakeSwap
🥉 $BABYDOGE @BabyDogeCoin$SFM @safemoon$FLOKI @RealFlokiInu$LEON @swapleonicorn$SFUND @SeedifyFund$RISE @EverRise$CATE @catecoin$YOOSHI @yooshi_official$VINU @VitaInuCoin#BNB pic.twitter.com/4NsQfgT6IZ
— BSCDaily (@bsc_daily) October 19, 2022
Not solely this, however a number of developments occurred within the PancakeSwap ecosystem that added a lot worth to the community, together with the farm public sale. 23 initiatives joined the bidding for Farms this week.
🔨🥞 Farm Public sale #32 beginning now!
23 initiatives be part of the bidding for Farms this week, bidding $CAKE to win.
Watch the public sale in progress:
👉 https://t.co/dlRpSuIJ1l pic.twitter.com/dayFLZw5jp
— PancakeSwap 🥞 #BSC (@PancakeSwap) October 19, 2022
Nonetheless, CAKE’s value motion didn’t correspond to the developments, because it merely registered over 1.5% development within the final week. At press time, CAKE was trading at $4.42.
Furthermore, buyers could be involved now as a have a look at CAKE’s on-chain metrics means that its value may go down within the coming days.
Traders must be cautious
CAKE’s growth exercise went down sharply during the last week, which is a matter of concern because it represents much less effort by builders in enhancing the community. CAKE’s quantity additionally decreased on 19 October, one more unfavourable sign for the blockchain.
Curiously, CAKE failed to achieve a lot consideration or curiosity from the derivatives market as its FTX funding fee went down.
Nonetheless, a number of of the metrics had been additionally in assist of the token. As an illustration, CAKE’s social mentions spiked final week, indicating elevated recognition of the token within the crypto group.
Furthermore, CAKE’s NFT area displayed promising efficiency as its whole NFT commerce depend elevated over the previous few days.
Market Indicators most well-liked CAKE
Apparently, CAKE‘s each day chart gave some hope to the buyers as a number of of the market indicators advised that the token’s value would possibly go up within the coming days.
The Exponential Shifting Common (EMA) Ribbon indicated the bulls’ benefit out there. Furthermore, CAKE’s Chaikin Cash Circulate (CMF) registered an uptick, additional growing the possibilities of a value surge within the coming days.
Nonetheless, the Relative Power Index (RSI) was resting beneath the impartial place, which is a bearish sign. The MACD additionally registered a bearish crossover final week, minimizing CAKE’s possibilities of going up.