PancakeSwap (CAKE), the native token of the popular decentralized exchange platform, has shown resilience in the cryptocurrency market. According to CoinMarketCap data, the PancakeSwap coin is trading at $1.79, up 3.88% over the last 24 hours.
The token’s market cap is $529 million, while the 24-hour trading volume was $174 million, a massive increase of 122.96%. This growth indicates that more traders have shown increased interest. The total value locked (TVL) of PancakeSwap on DefilLama is also above $1.62 billion, showing the platform has strong liquidity and user engagement.
Although the CAKE price is still far from its all-time high of $44.18, recent technical analysis suggests a price breakout could happen soon. Analysts have shared their views on CAKE’s potential for a moderate or large price rise.
PancakeSwap Coin Price Predictions Remain Bullish
A macro chart analysis from Solberg Invest on X (Twitter) highlights that $CAKE holds critical support on a long-term trendline. If bullish momentum builds, the token could rally toward a short-term target of $8.30.
The analysis suggests that breaking a key resistance level could trigger a strong upward move, possibly aligning with a broader crypto market uptrend.
The accompanying chart from Solberg Invest illustrates a clear descending trendline that $CAKE has been testing multiple times. The breakout scenario proposed in the analysis shows that once the token surpasses this resistance, it could initiate an aggressive rally.
This breakout could lead to an estimated upside of 364% from current levels, potentially bringing the price to approximately $8.30.
Could CAKE Price Reach $40?
Crypto analyst Javon Marks has a very positive outlook on the PancakeSwap token. He notes that $CAKE has been making higher lows, which suggests that investors are buying more. Marks predicts that the price could increase by at least 171% in the short term.
Additionally, he predicts that with a strong breakout, the PancakeSwap coin (CAKE) price could soar by over 1,980%, reaching an impressive $40.79. This would bring the price close to its previous highs, indicating a possible complete recovery from the prolonged bear market.
While these predictions are optimistic, investors should look for confirmation of a breakout above critical resistance levels to verify a strong upward movement. If the $CAKE price does not break through resistance, it might stay in a range before moving significantly.
In the short term, a PancakeSwap price target of $8.30 is realistic. The long-term goal of $40.79 is speculative but could happen if market conditions are favorable.
