Tech

CAKE Price Hoovers Around $4.0 As Bulls and Bears Fight For Control

12/10/2022
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PancakeSwap (CAKE) price trajectory has been moving in a downward trend over the past few weeks, with CAKE price declining by almost 13% in the last month. The price decline followed the wider bear market and the recent FTX contagion as the PancakeSwap price is heavily dependent on market sentiments.

PancakeSwap is a blockchain-based platform, exclusively serving the decentralized finance (DeFi) sector. It stands among the most popular blockchain platforms given that while most platforms are backed by the Ethereum blockchain, PancakeSwap supports BEP-20 tokens. Accordingly, the decentralized exchange (DEX) is among the few crypto platforms built atop the Binance Smart Chain (BSC). In its service, the main goal of PancakeSwap is to simplify the trading of BEP-20 tokens.

PancakeSwap cryptocurrency has witnessed massive selling pressure since November 5 when it closed the day at $4.7, down from $5.08 when the market opened. The pressure intensified through the month with the support at $3.49 holding the CAKE price while bulls defended this level by forming strong bullish candles that pushed the CAKE price to retest the resistance level at $4.0. Due to low momentum, the bulls have not been able to push the CAKE price higher while selling pressure remains low. As such, the price has consolidated around the $4.0 zone.  

At the time of writing, CAKE was exchanging hands at $3.98, down by 0.2% over the last 24 hours, with a market cap of $640.6 million and a 24-hour trading volume of $24.45 million.

PancakeSwap To Deploy On Aptos Mainnet

Late last month and into December, the PancakeSwap developing team proposed the migration of the platform from the BNB Chain, where it is clocking transaction volume of $47 million, to Aptos Mainnet and leverage the latters’ secure and easy-to-use infrastructure.

Based on the proposal, the Aptos blockchain ecosystem provides a more vibrant developer community, alongside other collaborations with developers still underway. As such, migration would provide a great opportunity for PancakeSwap, giving it access to a more expansive community for its products.

The proposal passed, and the PancakeSwap platform moved its core features- swaps, farms, pools, and initial farm offerings- to Aptos by Q4 of 2022. The vote began on November 30, 2022. As of December 4, PancakeSwap gained 25% total value locked (TVL) on the Aptos network mainnet in a single day.

On December 5, PancakeSwap made another announcement, this time about the results of the latest round of burning the decentralized exchange’s native token, CAKE.

As per the data presented, 6.95 million tokens were burned, which was equivalent to $28 million based on prevailing rates at the time of the announcement. Based on CoinMarketCap data, the CAKE burned is 4.4% of the circulating token supply.

Following the news, the CAKE price continued the rally that started when the shocking collapse of the centralized exchange FTX jumpstarted the decentralized finance (DeFi) sector. The price of CAKE has risen by more than 0.4% in the last two weeks, according to data on CoinGecko, but bulls have managed to amass enough pressure to break the resistance at $4.0.

Pancakeswap Price Suffers Low Momentum, Hovers Around $4.0 Zone

PancakeSwap is trading around the $4.0 zone as buyers and sellers show equal momentum. This is evident from the choppy price action as seen from the daily chart below. In addition, the RSI is neutral around 59, a suggestion that the buying and selling pressures are balancing out. As such, the CAKE price could move in either direction. 

CAKE/USD Daily Chart

Pancakeswap Price Chart
TradingView Chart: CAKE/USD

Pancakeswap price would favor the bulls if the buying pressure increases from the current level, taking CAKE above the immediate resistance level at $4.0 and pushing the price to face the next resistance at $4.30. If this happens, it would clear the way for the DEX token to shatter the barrier posed by the $4.5 psychological level to tag first the $4.8 resistance level and later the November 8 swing high above $5.38.

On the other hand, the price could turn down from the current price to break the support at $3.7. If this happens, the next target for CAKE price bears would be the support at $3.5 and if the worst happens, CAKE price could descend further to test the support at $2.8.

In the meantime, the Pancakeswap price could continue consolidating around the $4.0 level, as market participants wait to see the direction the altcoin may take. While at it, investors may be interested in new tokens that have the potential to make great returns as we enter the new year. These are discussed next:

IMPT- The Greenest Token Soon To Be Listed

While PancakeSwap suffers low buying pressure, IMPT, the greenest cryptocurrency in 2022 is taking the market by storm with just about 36 hours left in the presale. Now is the chance for all the investors to finish this year on a winning streak and watch the price of IMPT explode once it is listed on the exchanges.

The IMPT project has been gaining traction from the moment its debut in the market, with the noble goal to bring environmental protection to blockchain technology- exactly what the market needs right now. No doubt, IMPT IEO slated for December 14, is one of the most anticipated listings now, providing all the investors a chance to finish the year strong.

IMPT will be listed on one of the largest decentralized exchanges (DEXs) in the crypto space, Uniswap, at a token price of $0.0253. This means you only have a few hours to grab the greenest and most promising token at a discounted price of $0.023 and make almost 10% in profit once it is listed.

Early IMPT holders can claim your IMPT tokens on December 12 with a listing on Uniswap slated for December 14 after which centralized exchanges like LBank and Changelly pro will be putting up IMPT on their catalog for purchase. The founders have also disclosed that IMPT will list on seven more cryptocurrency exchanges (whose names remain confidential for now) by the end of 2023.

By joining the IMPT project, you become a part of a large ecosystem that connects socially responsible brands with businesses and individuals who want to reduce their carbon footprint. Based on the blockchain, our platform empowers you to buy, sell, or retire carbon credits while avoiding double counting and fraud.

Global warming is a serious concern now more than ever, with oceans rising, agricultural yields reducing, and carbon dioxide levels increasing, pollution is at its peak causing the planet’s temperature to rise. But here comes IMPT! The mediator between individuals and companies looking to reduce carbon emissions by purchasing carbon credits. 

IMPT presents a chance to tokenize carbon credits, which are then given to the users in the form of an NFT that can be later sold on the market, which will result in profit. By using blockchain, everything will become transparent, and there is no room for fraud.

Moreover, every user will be able to track their impact on the environment, thereby providing an easy way of seeing that their efforts are not in vain. It is certain that the IMPT platform will become a very important part of the global carbon offset market because of its thorough approach to the matter. 

At the time of writing, IMPT has raised over $17 million, which is an amazing feat for a token that has been on presale for less than 60 days.

What are you waiting for? This cryptocurrency has definite upsides, so visit IMPT.io and grab the presale before midnight today!

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Source: https://insidebitcoins.com/news/pancakeswap-price-prediction-cake-price-hoovers-around-4-0-as-bulls-and-bears-fight-for-control