PancakeSwap (CAKE): Is This DeFi Token Ready to Rally?

PancakeSwap (CAKE) continues to plunge gradually as the DeFi coin failed to ride the bullish waves seen on top crypto markets during October. While writing this article, CAKE trades at $12.61 following a 1.3% drop. Nevertheless, the alt remains nearly 2,000% up YTD.

Can CAKE price resume its uptrends? Should you buy, sell, or hold? Let us analyze the PancakeSwap ecosystem and the long-term price outlook.

About PancakeSwap

PancakeSwap is an online DEX on Binance Smart Chain. The platform resembles Uniswap (UNI) on Ethereum’s blockchain. While a single company operates centralized exchanges such a Coinbase and Binance, DEX allows individuals to trade without intermediaries. PancakeSwap plans to compete with Ether’s network by introducing faster transactions and lower fees.

PancakeSwap attracted users quickly due to its low transaction charges and allowing users to swap tokens instantly with account registrations. Its official website shows followers has staked around $12 billion, while the past 30 days had 2.8M active users, making 31 million trades.

CAKE Stalls after Cryptocurrencies Bottom Out

CAKE saw its price climbing from July 20 lows at $10.87 to $26.58 on August 26. However, the alt declined again on September 8, hitting $17.85. On September 19, the crypto rose to $23.72, but unlike assets like Ether and Bitcoin that touched new ATHs, PancakeSwap plummeted in October, hovering near $17.68 as the month ended.

Today’s price of $2.61 means CAKE is far beneath its ATH of $44.18, registered on April 30 during a global crypto rally. The alt has a market cap of $3.15 billion, raking 49th on Coinmarketcap. What about CAKE’s price in the future.

CAKE Price Prediction

While publishing this content, CAKE’s technical analysis displayed bearishness as 20 indicators gave bearish signals while eight were bearish. Price forecast indicates CAKE can surge to $13.83 before December 23.

An algo-based website, Wallet Investors, sees PancakeSwap at $12.57 in 2022 January and double its price to $30.34 before next year ends. The experts believe the alt will surge past $100 in 2026 November and close that year at $100.61.

DigitalCoins’ prediction puts CAKE at $21.73 in 2022, surging towards 438.14 in 2025 and touching $64.43 in 2028. Most analysts maintained a bullish attitude on PancakeSwap’s long-term price expectations,

Leave a Reply

Your email address will not be published. Required fields are marked *