- CAKE announced a special lottery campaign.
- Burnt CAKEs worth $100 million.
- Price went up by more than 12% in the 7 days.
PancakeSwap unveiled a special lottery campaign to celebrate the Year of the Rabbit. The Lunar New Year lottery jackpot offers the chance to win up to 226,530 CAKE, amounting to $96,000. Participants can start purchasing tickets from Jan 27. The results will be announced on Jan 28. Amusingly, PancakeSwap will add 0.1 CAKE to the jackpot for each retweet and like of the campaign tweet.
Furthermore, PancakeSwap continues to light CAKEs on fire in order to fight inflation. The token’s value has increased by nearly a quarter in 2023. With its recent weekly burn, it has officially discarded more than $100 million worth of CAKE tokens from circulation in 2023.
— PancakeSwap
Cakes on sale
CAKE price is riding bullish momentum. The volume has also transformed from sellers’ to buyers’. The EMAs have formed a bullish crossover (green circle), while all are claimed in the rally. The OBV marks an uptick, reflecting positive pressure in the market. The current price of $4.15 is predicted to face the sellers resistance near $4.60.
The CMF moves sideways in the positive region to set an optimistic outlook in the market. The MACD records ascending buyer bars while the lines diverge in the zone above the zero-histogram mark, showing bullish signals. The RSI attempts to pierce through the 70-range and enter the overbought zone.
A closer look at the chart
The 4-hour time frame shows prices to face an uneven rise. The CMF slopes down trying to reach near the baseline to mirror the price movement. The MACD records tall standing buyer bars, but also the sellers’ interest sees improvement. The RSI hangs in the overbought zone, hinting at the possibility of a price reversal.
Conclusion
The analysis suggests that CAKE prices may retrace temporarily, after facing resistance near $4.60. Holders can buy the dip, relying on the support zone of $3.50. CAKE is ready to propel in the bigger frame due to the token burning.
Technical levels
Support levels: $3.51 and $3.15
Resistance levels: $4.60 and $5.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/01/24/cake-is-ready-to-celebrate-the-lunar-new-year-a-slice-for-all/