- Sentiments around PancakeSwap improved, thanks to an uptrend in the price of CAKE.
- However, a few metrics and market indicators were bearish.
PancakeSwap [CAKE] has been witnessing a decline in its volume and users on its v3. However, CAKE announced the launch of a new platform that can help change the situation. CAKE, on the other hand also was having a good time as the bulls helped the coin’s price surge.
Read PancakeSwap’s [CAKE] Price Prediction 2023-24
Downtrend alert!!!
A look at Dune’s data revealed that PancakeSwap v3 had been dwindling. As per the chart, CAKE v3’s weekly transactions and the number of users have been on a declining trend both on Ethereum [ETH] and BNB Chain [BNB]. However, it was interesting to note that volume on Ethereum increased over the last few weeks.
Source: Dune
Though a few metrics were declining, PancakeSwap announced a new launch that can have a positive impact on its v3 metrics. PancakeSwap recently launched its new bCAKE for v3 Farm. Users can boost multiple farming positions simultaneously and discover a broader range of available Farms with bCAKE.
? Introducing bCAKE for v3 Farm! Boost multiple farming positions simultaneously and discover a broader range of available Farms with bCAKE!
Boost your farming positions by locking CAKE in the fixed-term staking pool. Here's how it works:
1. Stake your CAKE in the fixed-term… pic.twitter.com/HUQHMyGwyb
— PancakeSwap?Ev3ryone's Favourite D3X (@PancakeSwap) June 21, 2023
Assessing the state of CAKE
Thanks to the ongoing bullish market, CAKE finally registered gains after weeks of decline. According to CoinMarketCap, CAKE’s price increased by more than 2% in the last 24 hours. At the time of writing, it was trading at $1.45 with a market capitalization of over $298 million.
Though the recent price action was bullish, things can turn sour soon if metrics are to be believed. CAKE’s one-day price volatility declined sharply over the last few days. This could decrease the chances of a continued uptrend.
Whale interest in CAKE also declined, as evident from its whale transaction count. However, investors’ confidence in CAKE increased as its weighted sentiment registered an uptick.
Source: Santiment
Realistic or not, here’s CAKE market cap in BTC‘s terms
Are bears making an entry?
A look at CAKE’s daily chart further suggested that things can actually get worse. CAKE’s Chaikin Money Flow (CMF) registered a downtick, which looked bearish.
The Relative Strength Index (RSI) and Money Flow Index (MFI) both followed a sideways path and were near the neutral mark. Such movements suggested that the token’s price action might go dormant in the coming days.
CAKE’s Exponential Moving Average (EMA) Ribbon also revealed that the bears were still leading the market, which can be troublesome in the coming days.
Source: TradingView
