Is Google behind PancakeSwap’s latest bullish stint? Analyzing…
- The uptrend also caused a spike in its MVRV Ratio and social dominance.
- However, the market indicators continued to remain in the bears’ favor.
PancakeSwap [CAKE] felt the pressure from the bears for a week as its prices sank considerably. However, things were different for PancakeSwap at press time, as evident from the recent price uptick. A positive aspect of this surge was that it was backed by a massive increase in trading volume. But will CAKE be able to maintain this uptrend, or will the growth halt soon?
Read PancakeSwap’s [CAKE] Price Prediction 2023-24
PancakeSwap investors are rejoicing
CAKE witnessed a decline of more than 4% in its price over the last week, causing chaos among investors. The trend has now changed, as CAKE’s price was up by 4% in the last 24 hours, with an increase of more than 100% in trading volume.
A possible reason for the latest uptrend could be PancakeSwap’s integration with Google Cloud, which might have helped turn around market sentiment. As per the official tweet, with Google Cloud’s technology and scalable resources, PancakeSwap will empower users worldwide to trade securely, anytime, anywhere.
? PancakeSwap is revolutionizing trading with @GoogleCloud!
? With Google Cloud’s cutting-edge technology and scalable resources, PancakeSwap empowers users worldwide to trade securely, anytime, anywhere.
?Dive into the details and witness how PancakeSwap leverages Google… pic.twitter.com/EeTHLWbwAu
— PancakeSwap?Ev3ryone’s Favourite D3X (@PancakeSwap) July 10, 2023
At the time of writing, CAKE was trading at $1.51 with a market capitalization of over $316 million. The latest uptrend again allowed CAKE to reenter the list of the top 100 cryptos by market cap.
Thanks to the uptrend, CAKE’s popularity increased, as evident from its social dominance. Sentiment around CAKE also turned positive as its weighted sentiment went up last week.
A look at CAKE’s on-chain metrics suggested that the price uptrend might continue. For instance, its 1-day price volatility was up. PancakeSwap’s MVRV Ratio also improved in the last few days, increasing the chances of a further uptick. Interestingly, whales also became more active when CAKE’s price rose, which was clear from the hike in whale transaction counts.
Realistic or not, here’s CAKE market cap in BTC‘s terms
This is the catch
While most metrics were positive, nothing can be said with certainty, as a few market indicators suggested otherwise. CAKE’s Relative Strength Index and Chaikin Money Flow both took a sideways path over the last few days.
The MACD’s data revealed an ongoing tussle between the bulls and the bears. Though the distance between the 20-day and 55-day Exponential Moving Average (EMA) was reducing, the former was still below the latter, indicating a clear bearish upper hand in the market. It will be interesting to see which way the tides flow in the coming days.