PancakeSwap is a Decentralized Exchange (DEX) built on top of Binance Smart Chain (BSC).
The supply of CAKE is not hard-capped. Theoretically, CAKE’s supply is unlimited. The team is looking into conducting regular token burns to make deflation higher than emission. For example, the team will burn 10% of the CAKE collected on lottery tickets and burn half of the fund raised through Initial Farm Offerings (IFO). The 24 hour trading volume of CAKE was $124,112,006 and its marketcap is $1,917,580,104. Let us review CAKE price.
CAKE Price Prediction
CAKE has broken the support at $9.69. It is likely to continue the bearish momentum and drop towards the 1.618 fib at $3.86. In order to flip from bearish to bullish momentum, CAKE has to reclaim the support zone at $9.69. If the $9.69 area is reclaimed, we could start seeing a move towards $11.66, $13.24, $15.47 and $18.98. Breaking the resistance at $18.98 could lead to a further move towards $21.53 and $26.51. In the short term, CAKE looks bearish.
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