- CAKE is trading at $3.31 after a 1.50% increase in price.
- PancakeSwap has reached a technical price pattern that “historically indicated a high success rate.
- Other technical indicators like the MVRV also suggest that it is a good time to buy CAKE.
PancakeSwap (CAKE) has made it onto CoinMarketCap’s trending list after a 1.50% increase in price over the last 24 hours and the crypto now trades at $3.31. CAKE is also still in the green by more than 3% over the last seven days.
CAKE was also able to strengthen against the two biggest cryptos in the market, Bitcoin (BTC) and Ethereum (ETH) by about 0.54% and 0.02% respectively. The crypto’s 24 hour trading volume is also in the green zone and now stands at $20,133,890 after a more than 9% increase since yesterday.
With its market cap of $537,443,421, CAKE is currently the 63rd biggest crypto in terms of market capitalization. This places the crypto right behind The Graph (GRT) in the 62nd position and in front of Maker (MKR) which is ranked 64th.
A recent Tweet by the market intelligence firm Santiment suggests that CAKE could experience even more price increases in the coming days. According to a post made on January 7, PancakeSwap has reached a technical price pattern that “historically indicated a high success rate for buys”.
The insights shared by Santiment indicates that a shark pattern is forming, which could trigger a CAKE price increase that could reach $3.40. This pattern has had a high win rate in the past hitting its TP1 zone over its lifetime on a daily candle. This is one of the reasons why the Santiment team has high hopes for CAKE.
In addition to this, CAKE’s MVRV (90d / 30d) is in the negative while its MVRV (30d / 180d) is in the positive. This is significant as it presents traders with a good buying opportunity.
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