PancakeSwap is a Decentralized Exchange (DEX) powered by Binance Smart Chain (BSC). It is BSC’s largest AMM-based exchange. It allows users to swap tokens, provide liquidity through farming, and receive fees in return.
PancakeSwap operates on an automated market maker approach, which means there are no order books and instead rely on liquidity pools. A user can earn money by being a liquidity provider; they can cultivate LP tokens and stake their CAKE to win rewards by putting their tokens to the liquidity pool. The CAKE token from PancakeSwap is a BEP20 token that first debuted on Binance Smart Chain. CAKE’s principal purpose is to encourage people to provide liquidity to the PancakeSwap platform. Users can earn incentives by staking their Liquidity Provider tokens, which can be done by depositing and locking them. Let us review the CAKE price
CAKE Price Prediction
Bullish Scenario: On March 17th, the price of CAKE broke through a four-month-old bearish trendline. It has, however, fallen from recent highs of $10.4 to $7.50. For the time being, it is trading above the $7.20 support level. If it remains above this zone and the resistance level at $10.15 breaks, we could see a move towards $13.14, $16.53, and even higher.
Bearish Scenario: We’re witnessing early signals of significant bullish momentum, but we can’t fully exclude the bearish possibilities. CAKE is continuing in a downturn on higher time intervals, such as monthly(M). Failure to hold the $7.20 support level and a break below $5.52 might result in a decline to $3.59 and lower.
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