Tech

CAKE Coils Up Before A Run-up To $4.30

12/02/2022
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Ever since PancakeSwap (CAKE) hit an all-time high (ATH) in May 2021, the CAKE price has been in a downward trend in the long-term chart. The price dipped to $2.37 in June 2022 and has been trying to recover ever since. Nevertheless, CAKE remains bearish in the long term, and may continue the same trajectory in tandem Bitcoin’s price movement.

In recent weeks, however, CAKE has displayed indications of improvement, with the price increasing steadily from the June 2022 low. In the past months, CAKE price increased by around 100% to record a high of $5 in late September. CAKE recorded another increase of around 8%, but it was not enough to create a new high.

Pancakeswap Is Positive On Fundamentals

The recent increase in the Pancakeswap price mainly attributes to the recent Community Initial Farm Offering (cIFO), which gave long-term Pancake hodlers early access to invest in new projects. The cIFO also increased engagement within the CAKE community and with the entire PancakeSwap ecosystem, while at the same time increasing the demand for CAKE tokens.

Accordingly, the number of social media mentions of PancakeSwap went up by almost 100% in the next few days following the cIFO announcement, indicating the level of impact that the cIFO has had on the crypto community. 

Consequently, the decentralized exchange (DEX) token has recently increased despite the prevailing bearish conditions in the market. On the other hand, however, the recent PancakeSwap NFTs failed to accumulate adequate funds, which was a significant show of the falling interest in NFTs among crypto enthusiasts. Due to the failed NFT sales, the token’s price began a retracement south, as key support structures were broken. 

Pancakeswap Price Readies For A Run-up To $4.30

From the 12-hour chart, it can be noticed that the CAKE price action has led to the appearance of a Pennant chart pattern with converging trend lines during the consolidation period. A pennant chart pattern is a continuation chart pattern displayed when a token experiences a large upward and downward movement, before consolidating briefly and continuing in the same direction.

Looking at the volume in the Pennant, the period of consolidation for the initial move has a lower volume, indicating the next likely price action will be a breakout movement in the same direction and on a higher volume.

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Once the breakout happens, it will be the ideal entry point for traders looking to enter new long or short positions. The upper trend line (resistance) of the pennant also corresponds to reaction highs. Traders should watch for a breakout from these levels as a buying opportunity and potentially profit from the subsequent breakout.

At the time of writing, CAKE was trading at $3.95 on CoinGecko, up by 0.5% within the hour, and down by 0.2% over the last 24 hours.

CAKE/USD 12-hour Chart

Pancakeswap Price
TradingView Chart: CAKE/USD

CAKE is trying to cross the 9 periods EMA and 21 periods EMA upside which suggests a bullish sentiment. If buyers increase their momentum, CAKE price will breach the resistance level of $4.14, potentially causing the price to increase 7.47% to $4.30. However, if sellers fight off the buyers at the $4.0 level, the price may decrease, breaking down the support level of $3.80, which may reduce the CAKE price by 7.50% to $3.62.

Which Way Ahead?

When CAKE hit $5 last week, the RSI on the 12-hour chart was approaching 70 shortly, before the price declined. The relative strength index (RSI) is currently at 50, which indicates that the CAKE market is in a neutral position. 

The Parabolic SAR indicator is postive, which shows that the CAKE price could go higher as the demand pressure increases. The indicator is trailing the Pancakeswap price, supporting the uptrend thesis and therefore a potential entry point for traders. 

Its pace is slow, however, suggesting the slow movement of CAKE price as bulls and bears fight for control.  

Nevertheless, given the slow-paced nature of the Parabolic SAR (determined by the closeness of the blue dots), CAKE prices may move in either direction. The crypto remains highly volatile as the FUD throughout the crypto market remains high.

Promising Tokens On Presale

With CAKE preparing for the price increase, interest in Calvaria and RobotEra is soaring higher.

Calvaria

Calvaria is an upcoming Ethereum-based play-to-earn (P2E) gaming platform set to provide gamers with the chance to compete in P2E combat for actual money. With staking pools, NFT cards and modifications, and a decentralized structure, Calvaria delivers to players a remarkable sense of accountability over the game while at the same time providing a fresh setting for it (DAO).

The Play-to-Earn (P2E) game is set beyond the veil of death. It provides an avenue for gamers to duel, earn and upgrade their gaming cards and become the ultimate force on the battlefield. You can buy the $RIA with Ethereum (ETH) or stablecoins before the price increases post-presale.

Calvaria’s RIA token will be tradable starting Q4 of 2022 after landing on the centralized and decentralized exchanges once the presale concludes. The Calvaria presale commenced on October 10, 2022, and concluded the first stage of its presale shortly after.

RIA is an ERC-20 token that powers the NFT-based battle card P2E game. Based on the current market sentiment and potential of this P2E crypto, Calvaria’s RIA token is very promising. Judging Calvaria by the merits of its first presale, there is a bullish case to be made in reference to presales by projects like Tamadoge and IBAT that thrived despite the bear market.

Investors are also drawn to Calvaria because it is a utility crypto. RIA falls within a class of assets the crypto market desperately needs to experience a significant resurgence. Uniswap will likely become the first DEX to list Calvaria.

Calvaria is currently offering a giveaway, an opportunity for you to get $100K worth of $RIA.

The project is currently on the pre-sale at stage 5 with 1 USDT buying up to 30.77 $RIA. In this stage, up to 70% of the tokens have already been sold, so do not miss out on the remaining 30% for any reason.

RobotEra

RobotEra is an exciting new multiverse cryptocurrency project designed to let players create a colorful and immersive virtual reality experience. The project is building a sandbox-like planet-rebuilding metaverse where gamers become a robot and can manage their land while participating in the creation of the world. Players can also acquire resources from the land and create robot companions to interact with on the multiverse.

To participate in the multiverse, users are required to purchase a RobotEra NFT, which serves as their avatar in the game when they first log in. The RobotEra multiverse is powered by the $TARO token and has already been dubbed one of the hottest pre-sales of 2022. Players can buy the TARO token directly with their USDT or using ETH in their wallets.

The RobotEra presale provides gamers with the chance to get into TARO at what could be the lowest price possible.

 Accordingly, after the token is listed on exchanges, the TARO price is expected to increase significantly compared to its purchase rate at the presale stages. Once the public pre-sale is over, you can use the claim page to claim your purchased TARO. Get in on the ground floor of RobotEra’s pre-sale by purchasing your $TARO tokens today!

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Source: https://insidebitcoins.com/news/pancakeswap-price-prediction-cake-coils-up-before-a-run-up-to-4-30