PancakeSwap (CAKE) shows bullish momentum with a 10% intraday surge and strong whale activity.
Technical indicators like EMA, Supertrend, and Bollinger Bands signal a continued upward trend. PancakeSwap (CAKE) is heading in the upper direction, surged by 10% in the last 24 hours. It spiked to 59.11% last week showcasing extreme bullishness. The on-chain analysis of CAKE revealed a significant spike in whale activity, which boosted its price.
According to the on-chain analytics platform Santiment, PancakeSwap (CAKE) is seeing the highest rise in whale activity this week. CAKE and USD tokens witnessed over 5x the amount of whale activity about 439.71% and 407.55%, respectively, this week compared to last week.
Moreover, CAKE’s trading volume has also surged by 80.14% currently at $493.25 suggesting increased trading activity. According to CMC data, currently, CAKE’s price is trading at $2.6015 with an intraday surge of 10%. The community is looking positive where 86% of community sentiments are bullish.
Will PancakeSwap (CAKE) Price Break Above $3.00 Mark?
Source: Tradingview
CAKE price is trading beyond the 50-day and 200-day EMAs suggesting a bullish trend. The Bollinger Band indicator is also showing bullish signs as the price is trading close to the upper Bollinger band.
The Supertrend indicator further follows a bullish momentum on the daily charts. This indicator gave a buy signal on the daily technical chart and turned green. Since then, the CAKE price has consistently advanced to higher levels.
CAKE price analysis indicates increased buyer activity in the market. Moreover, the price action is still making higher highs and higher lows on the charts, indicating that the price is bullish and has no intention of slowing down. PancakeSwap (CAKE) technical oscillators are supporting the bullish trend. Indicators such as Bollinger band, Supertrend, and EMA highlight positive signals, suggesting that the upward trend in the price of the CAKE may continue.
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