Altcoin

PancakeSwap surges 86% in 7 days – what’s next?

PancakeSwap ranks third on the list of top cryptos in terms of weekly gains. Likewise, most market indicators remain bullish on CAKE. 

Published

1 year ago

on

  • CAKE’s price surged by over 90% in the last 30 days. 
  • CAKE’s daily chart was green and market sentiment remained bullish as well. 

PancakeSwap [CAKE] has been pumping for multiple weeks, making the token one of the top gainers in recent times. Over the course of the last 30 days itself, CAKE surged by a whopping 92%, while surging by 86% in the last seven days.

Read PancakeSwap’s [CAKE] Price Prediction 2023-24

PancakeSwap is sitting on top

AMBCrypto took a look at CAKE’s daily chart, which shed light on what went in the token’s favor last week. Notably, its Relative Strength Index (RSI) gained upward momentum over the last few days.

A similar trend was also seen with CAKE’s Money Flow Index (MFI), and the MACD displayed a clear bullish upper hand in the market throughout the week.

On top of that, CAKE’s Chaikin Money Flow (CMF) also remained comfortably above the neutral mark over the last seven days. These bullish metrics definitely played a major role in PancakeSwap’s price rally.

Source: TradingView

Will PancakeSwap manage to further sustain the pump?

Though the RSI and MFI were up, they entered overbought zones. This could create selling pressure and result in a price correction in the days to follow. However, this did not seem to be the case at press time.

According to CoinMarketCap, CAKE was up by over 4% in the last 24 hours.

At the time of writing, the token was trading at $2.30 with a market capitalization of over $524 million. Market sentiment around it also looked positive, as Bullish Sentiment and Social Engagements surged by over 40% last week.

Its AltRank has also shown signs of improvement in the last few days.

Source: LunarCrush

Realistic or not, here’s

CAKE’s market cap in BTC’s terms 

As per Santiment, while CAKE’s price went up, its trading volume also skyrocketed, which acted as a foundation for the bull rally. As a result, CAKE’s Price Volatility 1w shot up.

It was surprising to see that despite such a hike in price, CAKE’s MVRV ratio dropped, which could be a worrisome sign.

Source: Santiment

Take a Survey: Chance to Win $500 USDT