PancakeSwap dominates the NBB Chain with its ultra-efficient DeFi protocol. It has to be said that it is the best in terms of fast, secure and accessible trading for both beginners and professionals. Its CAKE token is doing quite well with a market capitalization of around $700M.
The latter has recorded a constant progression since the beginning of the year. On January 1, 2023, CAKE traded at $3.18 versus $4.67 at its peak on February 9, 2023. With that kind of growth, can we expect a CAKE token at $10. That’s exactly what we’re going to look at with you right now. If you want to play cryptocurrency online casino, we recommend Betfury, a bitcoin casino site where you can play for any cryptocurrency, you can also play Pancake at plinko casino game. The abundance of games will not leave you indifferent to Betfury casino .
The technical analysis on the CAKE token is good!
The outlook for the CAKE token is quite good. When we look at the technical indicators, they suggest a small upward movement for the future.
An upside that is encouraged by the fact that CAKE has just surpassed its 50 and 100 day moving averages according to the Trading View chart. This burst confirms that the NBB Chain’s flagship DeFi protocol could be hoping for a massive bull run.
According to analysts, CAKE’s new resistance is around $8. Its support level, meanwhile, is located at $2. So even though CAKE has undergone a correction in the past few days, it could continue to rise gradually to its resistance level. The breakout at the $8 level will be crucial in determining whether CAKE could reach $10 within the year. For now, it’s still early to tell.
Why CAKE has fallen?
CAKE’s relatively sharp drop in the last 2 days could be related to the SEC’s announcement of its crackdown on Kraken, and more broadly on PoS cryptos.
PancakeSwap finds itself embroiled in the SEC’s crackdown on crypto staking. The Kraken platform has been fined $30 million. And to make matters worse, its staking service has been shut down.
A news that has undoubtedly, broken the progression of CAKE to new heights. Even though this news has managed to create some FUD around the staking cryptos, nothing is fixed yet. Note that ETH, too, was hit hard by this announcement just days before the launch of the Shanghai update that is supposed to allow validators to retire their staked tokens.
The strength of PancakeSwap (CAKE)
Let’s not forget that PancakeSwap is still the best performing DeFi service on the NBB network. With its unrivaled fast transaction times, the CAKE token has good prospects for further development. The SEC news is a notable snag in CAKE’s rise.
There are rumors that the SEC’s next target is Coinbase. But its CEO says he is not worried about the SEC’s wrath. Recall that Kraken has its own crypto staking system. Thus, if investors were able to withdraw their funds from CAKE, there is nothing to say that it will be subject to prosecution by the commission.