In this PancakeSwap (CAKE) price prediction 2023, 2024-2030, we will analyze the price patterns of CAKE by using accurate trader-friendly technical analysis indicators and predict the future movement of the cryptocurrency.
PancakeSwap (CAKE) Current Market Status/h2
CAKE Current Market Status (Source: CoinMarketCap)h2 What is PancakeSwap (CAKE)/h2
A decentralized finance (DeFi) protocol called PancakeSwap is an automated market maker (AMM) that enables users to trade tokens, leasing out liquidity in exchange for commissions. It was launched in 2020 and is a decentralized exchange for trading BEP20 tokens on the Binance Smart Chain. Users of PancakeSwap can trade against a liquidity pool using an automated market maker methodology. Users fill these pools by contributing money, in exchange for which they are given liquidity provider (LP) tokens.
Token swaps, liquidity, provision, and farming, staking perpetual trading, lottery, NFT marketplace, and launchpad are the various features that PancakeSwap offers to its users. It is one of the few DEXs that gives users access to a range of financial products in a single interface for a more well-rounded DeFi experience.
Users of PancakeSwap can additionally farm the additional tokens – CAKE and SYRUP. Users can deposit LP tokens, by looking them up in a process that rewards users with CAKE. Users can bet CAKE tokens to acquire SYRUP, which also serves as a governance token within the exchange.
h3 PancakeSwap 24H Technicals/h3
(Source: TradingView)
h2 PancakeSwap (CAKE) Price Prediction 2023/h2
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PancakeSwap (CAKE) ranks 76th on CoinMarketCap in terms of its market capitalization. The overview of the PancakeSwap price prediction for 2023 is explained below with a daily time frame.
In the above chart, PancakeSwap (CAKE) laid out a Descending Channel. Descending Channel also known as the falling channel. A descending channel is formed by two parallel trendlines. The upper trendline, which joins the highs, and the lower trendline, which joins the lows, run parallelly downwards. This pattern is characteristic of a bearish market.
At the time of analysis, the price of PancakeSwap (CAKE) was recorded at $2.59. If the pattern trend continues, then the price of CAKE might reach the resistance levels of $2.480, $4.684, and $8.518. If the trend reverses, then the price of CAKE may fall to the support of $1.060.
h2 PancakeSwap (CAKE) Resistance and Support Levels/h2
The chart given below elucidates the possible resistance and support levels of PancakeSwap (CAKE) in 2023.
CAKE/USDT Resistance and Support Levels (Source: TradingView)
From the above chart, we can analyze and identify the following as resistance and support levels of PancakeSwap (CAKE) for 2023.
The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Bitcoin (CAKE) are shown in the chart below.
CAKE/USDT RVOL, MA, RSI (Source: TradingView)
From the readings on the chart above, we can make the following inferences regarding the current PancakeSwap (CAKE) market in 2023.
In the below chart, we analyze the strength and volatility of PancakeSwap (CAKE) using the following technical analysis indicators — Average Directional Index (ADX) and Relative Volatility Index (RVI).
CAKE/USDT ADX, RVI (Source: TradingView)
From the readings on the chart above, we can make the following inferences regarding the price momentum of PancakeSwap (CAKE).
h2 Comparison of CAKE with BTC, ETH/h2
Let us now compare the price movements of PancakeSwap (CAKE) with that of Bitcoin (BTC), and Ethereum (ETH).
BTC Vs ETH Vs CAKE Price Comparison (Source: TradingView)
From the above chart, we can interpret that the price action of CAKE is similar to that of BTC and ETH. That is, when the price of BTC and ETH increases or decreases, the price of CAKE also increases or decreases respectively.
With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of PancakeSwap (CAKE) between 2024, 2025, 2026, 2027, 2028, 2029 and 2030.
h2 Conclusion/h2
If PancakeSwap (CAKE) establishes itself as a good investment in 2023, this year would be favorable to the cryptocurrency. In conclusion, the bullish PancakeSwap (CAKE) price prediction for 2023 is $4.150. Comparatively, if unfavorable sentiment is triggered, the bearish PancakeSwap (CAKE) price prediction for 2023 is $1.075.
If the market momentum and investors’ sentiment positively elevates, then PancakeSwap (CAKE) might hit $5. Furthermore, with future upgrades and advancements in the PancakeSwap ecosystem, CAKE might surpass its current all-time high (ATH) of $44.18. and mark its new ATH.
This content was originally published by our partners at The News Crypto .
Written By:
The News Crypto
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