If this is true, PancakeSwap’s price might decline soon
- Bullish sentiment around CAKE dropped by over 70% last week.
- Amidst this, PancakeSwap v2’s performance on BNB and Arbitrum improved.
The current bull market has allowed most of the cryptos to lift their value. PancakeSwap [CAKE] was no different, as its price rallied last week. Alongside this, PancakeSwap’s v2 showed immense growth, reflecting a hike in adoption and usage.
Read PancakeSwap’s [CAKE] Price Prediction 2023-24
PancakeSwap’s bull rally to end soon?
According to CoinMarketCap, CAKE’s price has surged by more than 8% over the last seven days. The price uptick also helped the token improve its Altrank.
However, it was surprising to note that despite a promising hike in its price, CAKE’s Social Mentions dropped by 73.66% until press time.
Bullish Sentiment around CAKE also followed a similar trend, as it fell by 74.8% until press time. The drop in these metrics actually caused CAKE’s price to slow its growth, as its price only managed to rise marginally over the last 24 hours.
Not only did the price drop, but its Price Volatility 1d also declined in the recent past. A possible reason behind this could be the substantial decline in PancakeSwap’s MVRV Ratio.
CAKE’s price might witness a further drop, as quite a few market indicators looked bearish. For instance, the Chaikin Money Flow (CMF) was resting under the neutral mark of 0.
Its Relative Strength Index (RSI) also took a sideways path, increasing the chances of a price decline in the days to follow. However, PancakeSwap’s MACD displayed a bullish crossover.
PancakeSwap excels other areas
Regardless of the above concerning metrics, the PancakeSwap network boasted of v2 achievements on multiple chains. As per a 24 October tweet, its volume broke the $2 billion mark on BNB Chain and $400 million on Arbitrum [ARB].
🎉 Milestone Alert
🥞 PancakeSwap Perpetuals V2 is soaring! 📈 Our trading volume broke the $2 billion mark on BNB Chain and $400 million on Arbitrum.
🔥 With ultra-low 0.05% fees on Arbitrum and 0.08% on BNB Chain and a trading rewards program on Arbitrum that lets you earn… pic.twitter.com/Fyaa1Zmkd2
— PancakeSwap🥞Everyone's Favorite DEX (@PancakeSwap) October 24, 2023
This achievement helped CAKE’s TVL reach over $838.75k at press time, while its volume on zkEVM surpassed 131.09k over the same time period.