The PancakeSwap (CAKE) cryptocurrency token has risen by 8.35% in the last 24 hours, adding to a total increase of 69.80% over the past week and a current price of $2.82.
The trading volume for the CAKE token is $445.64 million, with a 28.17% increase in trading activity over the last day, indicating that more investors and traders are getting involved.
However, the PancakeSwap token remains down by 93.57% from its highest price of $44.18 on April 30, 2021. Despite this drop, some analysts are optimistic. They predict the price could reach $40.794, a potential increase of 1,320% from its current level.
Breakout Hints at $40.79 Target for PancakeSwap (CAKE)
According to crypto analyst Javon Marks, PancakeSwap’s CAKE token is gaining momentum, ranking among the top gainers amid a surge in buying volume.
The analyst points out that CAKE has broken through a key resistance level, which may signal a potential long-term price increase. Following this breakout, the next price target could be $40.79, suggesting an upside move to 1,320% from where it currently sits.
This prediction comes from the breakout and the rise in trading volume, which confirms a bullish trend. Usually, breakouts with high trading volume indicate strong price movement, meaning $CAKE price might continue to recover.
For traders and investors, it’s important to watch if the CAKE coin stays above its breakout point and maintains a higher volume. If the positive momentum continues, the token may gradually move up. However, if the momentum weakens, it might return to lower support levels.
PancakeSwap Hits $1 Trillion in Trading Volume
According to DefiLlama, PancakeSwap has become the leading decentralized exchange (DEX) on the BNB Chain, reaching a historic $1 trillion in cumulative trading volume.
It currently ranks first in trading volume over 24 hours, 7 days, and 30 days, holding 31.14% of the DEX market share. The PancakeSwap team announced this milestone to their 2 million followers on X (formerly Twitter).
This achievement has increased interest in CAKE, PancakeSwap’s native token. As trading volume rises, demand for CAKE has grown slightly and may continue to rise, especially if transaction fees and governance participation encourage more users.
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