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PancakeSwap’s prospects improve, thanks to these latest integration

2min Read

CAKE’s near-term support retest may yield a sizable upside. Also, the token’s price dipped into oversold territory, according to the RSI.

PancakeSwap's prospects improve, thanks to these latest integration

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  • PancakeSwap secures another liquidity win through 1Inch integration.
  • CAKE’s prospects look a little promising as it flashes multiple oversold signs.

PancakeSwap is looking to leverage growth through integration with the Ethereum network and the BNB chain. A move that may potentially fuel more utility and thus demand for its native token CAKE.

Is your portfolio green? Check out the PancakeSwap Profit Calculator

According to PancakeSwap’s latest announcement, 1Inch just concluded the integration of PancakeSwap V3 liquidity pools with Ethereum and the BNB chain.

These two layer 1 networks currently control most of the DeFi volumes, hence the significance of the announcement.

The integration represents an important step forward for PancakeSwap as far as access is concerned.

More access and utility for PancakeSwap pools have the potential to trigger higher demand for CAKE. However, the impact on the price is expected to take place over time and not necessarily immediately.

CAKE is on the menu for a sizable bounce

CAKE has been on a downward trajectory since the second week of February, and the selling pressure intensified within the last seven days. The token has tanked by 32% from its February peak to its $3.19 press time price.

CAKE price action

Source: TradingView

CAKE’s price action is currently approaching a key support level within the $3.13 price range. A support retest may yield a sizable upside.

Also, the price just dipped into oversold territory according to the RSI. So, are there any signs that accumulation is already starting to build up?

CAKE’s supply distribution metric reveals that whales have been relatively inactive since 12 April. Their on-chain activity has flat-lined since then but they are expected to come out of hibernation as the price retests the upcoming support line.

PancakeSwap supply distribution

Source: Santiment

Meanwhile, CAKE’s volume declined since mid-April and even managed to drop to a new monthly low on 23 April. Explosive bullish volumes at the support line may fuel robust demand for CAKE in the next few days.

PancakeSwap volume

Source: Santiment

How many are 1,10,100 CAKEs worth today?

There are some signs that accumulation is building up. For example, the mean coin age maintained an upward trajectory in the last four weeks. This indicates that most CAKE holders are opting to HODL their coins despite the bearish price action.

CAKE MVRV ratio and mean coin age

Source: Santiment

Lastly, CAKE’s MVRV has been in free fall, especially in the last 7 days as the price dipped lower. Slight upsides here and there signal that there were individuals buying the dip all along but the falling prices ensured a drop in profitability.


Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael's writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.
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