With decentralized finance (DeFi) rising, PancakeSwap, one of the largest decentralized exchanges (DEXs), has been at the forefront of the revolution. The future of the CAKE cryptocurrency will depend on the use of the PancakeSwap exchange. The value of the coin will also depend on sentiment on the broader crypto markets in the future, among other factors. CAKE token is at the heart of the PancakeSwap ecosystem. Buy it, win it, farm it, spend it, stake it… heck, you can even vote with it!
Once rated as the best performing DEX of 2021 it started its slide in August and it has continued to lose value in 2022. We shall first look at what PancakeSwap is and how it functions to get a clear picture of what investors should expect with the platform and its coin in the future.
Today’s PancakeSwap price is $3.14 with a 24-hour trading volume of $74,846,893. PancakeSwap is up 2.66% in the last 24 hours. The current CoinMarketCap ranking is #73, with a live market cap of $477,964,257. It has a circulating supply of 152,154,545 CAKE coins and a max. supply of 750,000,000 CAKE coins.
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• Top Three Dexs For May Investments: Calyx Token (Clx), PancakeSwap (Cake), Uniswap (Uni)
Recent developments
With recent developments, partnerships, and its interest in NFTs, the future of PancakeSwap looks promising d. Also, the team behind PancakeSwap aims to build more projects in 2022, which will boost its growth and adoption. Besides being the number one Automated Market Marker (AMM), it has also dived into the NFT space by rolling out Binance Smart Chain NFT projects.
PancakeSwap in The NFT Market
Cake launched its NFT market campaign in October 2021. However, this is the first step in the core of the PancakeSwap world. PancakeSwap achieved a huge volume on only one NFT collection at the time of the launch.
Also, PancakeSwap launched Pancake Squad in October. It is essential to know that Pancake Squad is a brand new generative collection of 10,000 different NFTs. Due to this innovation PancakeSwap’s NFT market trading volume increased to 102,208 BNB ($56.8M) in the same month, with 2,044 BNB used to buy back and burn Cake.
Latest partnerships
Furthermore, 25 projects joined the Farm Auctions to bid for a coveted PancakeSwap farm pair. PancakeSwap is also working behind the scenes to improve its performance issues. It has partnered with Streamingfast, Gnosis, Helix, TradingView, and other providers to enhance its resilience against the scalability issues in the Binance Smart Chain network.T market, we might see $CAKE tokens surge in the future.
How is PancakeSwap Exchange different?
Whereas centralized exchanges like Coinbase and Binance (which were banned in the UK in 2021) are run by a single company, one can trade on a DEX without an intermediary. Like most decentralized finance (DeFi) activity to date, most DEXs are based on Ethereum. PancakeSwap, however, aims to compete with Ethereum by providing lower fees and faster transactions, among other features.
On 26 January it announced its latest Initial Farm Offering (IFO) format: IFO 3.1 “with the brand new private sale allocation, and the new IFO Syrup pool” which it adds will “address some of the issues raised by the community and also generate value for our NFT holders.”
PancakeSwap(CAKE) Overview
As mentioned above, PancakeSwap is a DEX and an automated market maker (AMM) built on the Binance Smart Chain (BSC).
- It is the largest decentralized application (dApp) on the BSC, and it allows participants to switch tokens securely and effectively.
- It offers a decentralized business experience while leveraging liquidity pools. Some stake BEP 20 tokens in the liquidity pools of corresponding tokens, and some depend on the liquidity pools to swap one BEP 20 token for another.
- Those providing stake tokens or currency in the liquidity pools are referred to as liquidity providers, and they receive an interest depending on the number of tokens they stake in each pool.
- DEX has also included yield farming by allowing liquidity providers to stake Liquidity Provider tokens (LP tokens) in various LP token staking pools. This way, the liquidity providers earn an extra income in the form of LP staking rewards besides the interest earned for providing liquidity.
At the time of writing, the total value locked (TVL) on PancakeSwap was $5,553,354,984, according to Defistation.
What’s in Store for CAKE?
PancakeSwap has the largest user base of any dAPP with over 3 million users in the last month. Translating to over 41 million trades within the same period.
PancakeSwap is not done growing its ecosystem earlier this month. They launched the first mini-app of its kind on the Binance mobile app. The move will see many CEX users move into the DEX, increasing liquidity, staking, and utility for the many tokens on the platform. You need to update your Binance app to the latest version to access this feature. It is easily accessible by scrolling down on the Binance app home page.
Ecoin finance V2 a decentralized payment platform launched on Pancakeswap earlier today.
With a large user base, PancakeSwap is attracting new clients and users every month.
PancakeSwap Price History
PancakeSwap was launched on September 20, 2020. Founders found it better to name it after their favorite food, the pancake. As an AMM, it does not depend on the presence of buyers and sellers to settle trades. Trades are processed automatically by a sophisticated algorithm using liquidity pools.
PancakeSwap was listed on an exchange almost immediately after PancakeSwap was unveiled.
When it was unveiled in September 2020, the cake price was below $1, and it stayed below $1 until the end of January 2021, when it unleashed a bullish rally that till the end of April 2021.
Figure 1. PancakeSwap price chart by Coinmarketcap
It hit an all-time high price of $44.18 on April 30, after which there was a bearish retracement to about $11 in May 2021. It then traded between $11 and $20 until mid-July, when it started another bullish trend that continued even when writing this post.
At the time of writing this post, the average CAKE price was $24.63, with a 24 hours volume of $407,098,371 after a day drop of 10%.
PancakeSwap price Ichimoku cloud formation indicates a bearish trend reversal with consolidation. The bearish price structure of the last few months has formed false lower support and new Ichimoku cloud highs began on December 16th.
The strong bullish momentum is also confirmed by the Kijun Sen (red line).
Pancakeswap Technical analysis
PanckakeSwap price analysis indicates the cryptocurrency has been following a descending trendline for the last one month as prices decline from highs of $4.83 in May to lows of $3.21 in June 2023. The prices have made lower lows and lower highs during this period, indicating bearish price momentum. Major support lines are seen at $2,50 and $3, while resistance is seen around the $4 mark.
The RSI indicator is currently trading at 37.7, indicating that the market is currently in oversold territory. However, the MACD indicator is still showing some bearish momentum as the 12-day EMA continues to trade below the 26-day EMA.
Bullish momentum is building up as the prices have managed to move above the $3 mark. The prices are currently trading at $3.21, which is just below the descending trendline resistance and also has an increase of over 5 percent. If the prices can move above this level, we could see further upside towards the $4 mark. However, if the prices fail to move above the trendline resistance, we could see a further decline towards the $2.50 support level.
Most of the technical indicators are currently pointing to a bearish market. However, there are some signs of bullish momentum building up. If the prices can move above the descending trendline resistance, we could see further upside in the short term.
Overall, Pancake prices are expected to consolidate around this level before a firm bullish trend is set in motion. The market volatility is also picking up which is a good sign for the bulls as it might attract more buyers to the market. The volatility is currently
It is important to note that the prices are still well below the $4 mark despite some bullish momentum in the market. This indicates that the market is still in a bearish trend in the medium term. The bulls will need to push the prices above the 20-day EMA and the descending trendline resistance to invalidate the bearish trend. Until then, we can expect the prices to consolidate around this level with some volatility.
Pancakeswap Price Predictions by Authority Sites
Wallet Investor
Wallet Investor, their PancakeSwap price prediction foresees a continued downfall for the next 5 years. They have set their sights on a price of 2022 is $0.12 by the end of the year.
They see little change in the short to medium term as the market is caught in a consolidation phase around this level. However, they believe that the prices will start to pick up in the long term as the market starts to recover. They have set a price target of $0.859 by the end of 2025.
TradingBeasts
TradingBeasts has a bullish outlook for PancakeSwap’s future price. They believe that the prices will start to pick up in the short term as the market starts to recover and prices could hit $5.02 in July 2022. They also predict CAKE coin will reach an average price of $3.89 in June 2023, and $4.54 in June 2024 and could also reach a maximum trading value of $5.72 the same year.
Price Prediction net
Price Prediction net CAKE price forecast is more optimistic than both TradingBeasts and Wallet Investor. They are expecting PancakeSwap prices to start picking up in the short term as well and they have set a price target of $5.94 by the end of 2022.
They see the prices reaching $8.70 by the end of 2023 and $12.47 by the end of 2024. They believe that the market will continue to recover in the long term and have set a price target of $106.95 by December 2030.
Cryptopolitan
PancakeSwap Price Prediction 2022
According to the current market trend and historical data, price fluctuations witnessed so far this year may result in an average value of $5.26 by December 2022. The market conditions may turn favorable and prices could spike to $5.94 while a minimum of $5.06 is also possible by the end of the year 2022.
PancakeSwap Price Prediction 2023
The current market trend suggests that the average price of PancakeSwap will be around $7.43 before the prices turn volatile again in 2024. By the end of 2023, the CAKE price forecasts reveal prices may surge to $8.70 while a minimum value of $7.22 is also possible by December 2023.
PancakeSwap Price Prediction 2024
If the market conditions remain unchanged, it is likely that PancakeSwap prices may reach a maximum value of $12.47 by December 2024. However, the possibility of a market crash cannot be ruled out which could result in prices dipping to $10.32 by the end of the year. The prices may also attain an average price of $10.69.
PancakeSwap Price Prediction 2025
In the year 2025, PancakeSwap price prediction indicates that crypto may witness a huge price surge as the market conditions are expected to be favorable. The prices could start at a minimum price of $14.66in January and may reach a maximum of $17.70by December 2025 while the average value anticipated could be $17.07.
PancakeSwap Price Prediction 2026
The year 2026 may start on a positive note for PancakeSwap as the prices may reach a maximum price value of $25.66. The prices may however drop to around $21.11 by June 2026 as the market conditions are expected to turn bearish. The prices are forecasted to attain an average of $21.71 at the end of the year.
PancakeSwap Price Prediction 2027
As per the CAKE price prediction, the prices are expected to remain bullish in the year 2027. The market conditions may result in a maximum value of $36.50 by 2027 which could decline to attain an average trading price of $131.24 or a minimum price of $30.37.
PancakeSwap Price Prediction 2028
The prices may remain volatile in the year 2028 which could start at a minimum of $42.97 and may reach a maximum price of $53.04 by December 2028 while the average price value is anticipated to be $144.53.
PancakeSwap Price Prediction 2029
In the year 2029, the CAKE coin’s price could hit a high of $72.91, a price point that has not been reached since the all-time high. The prices could however drop to an average of $62.84 or a minimum value of $61.06 by the end of the year.
PancakeSwap Price Prediction 2030
The market conditions are expected to be favorable for CAKE in the year 2030 as the prices could surge to $106.95 by December 2030. However, a market crash may occur which could result in prices dipping to an average of $93.10 or a minimum price of $89.96 by the end of the year.
PancakeSwap Price Prediction 2031
By 2031, crypto market conditions may remain bullish which could result in prices reaching a maximum price of $155.69. Prices could also decline to an average of $130.11 or a minimum value of $125.46 by the end of the year.
PancakeSwap Price Prediction by Industry Influencers
PancakeSwap helps you make the most out of your crypto in three ways: Trade, Earn, and Win. Unlike centralized exchanges like Binance or Coinbase, PancakeSwap doesn’t hold your funds when you trade: you have 100% ownership of your own crypto. Learn more here. Or if you’re feeling confident, staking could be the thing for you.
Make $50/Day Passive Income on PancakeSwap (step-by-step) – Bing video
Conclusion
PancakeSwap is a decentralized exchange built on Binance Smart Chain that allows users to trade cryptocurrencies in a fast and secure manner. The platform has been gaining popularity among users due to its low fees and speed of transactions. The platform is expected to witness further growth in the future as more users adopt it for their trading needs. Prices are expected to remain volatile in the short term but may surge in the long term as the platform becomes more widely used.
PancakeSwap isn’t the only decentralized exchange (DEX). The DEX world is expanding, with new decentralized exchanges springing up on a regular basis. However, while PancakeSwap has a special style, its choice to utilize the Binance Smart Chain rather than Ethereum may hamper its uptake among traders. The value of PancakeSwap will continue to rise, as a lack of supply typically stimulates price rise.
By 2031, crypto market conditions may remain bullish which could result in prices reaching a maximum price of $155.69. Prices could also decline to an average of $130.11 or a minimum value of $125.46 by the end of the year.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Source: https://www.cryptopolitan.com/pancakeswap-price-prediction/