- PancakeSwap concluded its special Lunar new year jackpot event.
- Whale interest increased but price action remained dormant.
Recently, PancakeSwap [CAKE] joined BNB and AvengerDAO to increase securities within the ecosystem. AvengerDAO is a unique community-run security infrastructure project designed to protect users on the BNB Chain from possible exploits, scams, and malicious actors.
More detailshttps://t.co/MuGiN71hsz
— BSCDaily (@bsc_daily) January 28, 2023
Read PancakeSwap’s [CAKE] Price Prediction 2023-24
Moreover, CAKE also concluded its special Lunar New Year jackpot event, which had 1200 winning tickets that matched the first 1–3 numbers.
PancakeSwap announced this special Lunar New Year lottery campaign a few days ago, with the chance to win up to 26,530 CAKE. Soon after the event concluded, the whales showed interest in CAKE.
According to WhaleStats, a popular Twitter handle that posts updates related to whale activity, CAKE flipped BTCB to become the most traded token among the top 100 BSC whales.
? JUST IN: $Cake @pancakeswap flipped $BTCB for MOST TRADED token among top 100 #BSC whales
Check the top 100 whales here: https://t.co/0SYnjw0xQs
(and hodl $BBW to see data for the top 4000!)#Cake #BTCB #whalestats #babywhale #BBW pic.twitter.com/OWjEeIjDWu
— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) January 28, 2023
However, while these developments happened, CAKE’s performance on the price front remained pretty dormant. As per CoinMarketCap, CAKE’s price declined nearly 0.5% in the last 24 hours, and at the time of writing, it was trading at $4.02 with a market capitalization of more than $685 million.
What went wrong?
A look at CAKE’s on-chain metrics gave a clearer picture regarding what did not work in the token’s favor.
CAKE’s MVRV Ratio registered a downtick over the last few days, which by and large is a bearish signal.
The volume also followed the same route and decreased. CAKE’s 1-week price volatility might have affected the token as it went southwards. Nonetheless, CAKE managed to remain popular as its social volume increased.
Source: Santiment
Realistic or not, here’s CAKE’s market cap in BTC’s terms
What to expect?
CAKE has been showing resistance at the $4.024 mark for quite a few weeks. As per the Exponential Moving Average (EMA) Ribbon, it can break the resistance as it showed a bullish upper hand in the market.
Though the Chaikin Money Flow (CMF) was near the neutral mark, it registered a slight uptick, which was in the buyers’ favor. The Relative Strength Index (RSI) looked troublesome though, as it was right near the overbought zone which might initiate selling pressure.
Source: TradingView
