CAKE Price Decline and Market Trends
A 2.1% decline for CAKE has been seen in the last 24 hours. The token is also down 13.7% in the past two weeks, but the community is optimistic after PancakeSwap’s launch on Linea. CAKE is reacting to the downtrend seen across the broader cryptocurrency market. The total crypto market capitalization is down 1.4% in the last 24 hours. Bitcoin is down by nearly 2%, and the rest of the cryptocurrency market is following the trend and dropping.
CAKE Succumbs To Selling Pressure
- The sellers control CAKE’s price action, and more dips are likely in the short term.
- The Relative Strength Index at 28 shows the token is oversold, and sellers might be exhausted.
- The former support level of $1.33 is now a crucial resistance.
- CAKE must break past the 50-day SMA of $1.46 to overcome the bearish pressure.
- Breaking past the 100-day SMA of $1.51 might confirm a trend reversal where bulls become in control and $2 might be achieved.
PancakeSwap Launches On Linea Mainnet
CAKE is dropping despite a significant development in the PancakeSwap ecosystem. PancakeSwap has officially launched on the Linea Mainnet. The partnership between the top decentralized finance (DeFi) platform and Linea seeks to offer a seamless trading experience. The offering also comes with low fees, better returns for liquidity providers, and improved capital efficiency.
Don’t Miss Out On New AI Crypto Presale
yPredict is now one of the most popular AI crypto projects. Despite being new, investors rush to buy the presale because of the project’s potential. yPredict empowers traders, developers, and analysts by offering AI-powered predictive models and insights. The offerings will give users an edge over other market participants. The presale is selling out fast. It has already raised $3.5 million. YPRED token is trading at $0.1 during the presale.
Hot Take
The decline in CAKE’s price is a result of the broader cryptocurrency market trend. However, the launch of PancakeSwap on Linea offers new opportunities for the ecosystem. Additionally, the yPredict AI crypto presale shows the growing interest in AI-powered projects. While CAKE may face short-term selling pressure, the developments in the DeFi and AI sectors indicate long-term potential for these projects.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.