Risk Scans Can Now Be Performed on Pancakeswap-listed Tokens

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  • PancakeSwap announces token scan functionality on their Swap page.
  • CAKE saw a price boost following the announcement.
  • Confirmation of a bullish weekend move will be the 9 EMA crossing above the 20 EMA

The Binance Smart Chain-based decentralized exchange project, PancakeSwap, announced on Twitter today their latest integration with HashDit, a Binance Smart Chain security protocol.

According to the Twitter post, platform users can now scan token contracts directly on PancakeSwap’s Swap page. To scan the risk associated with an output token contract, users simply have to click the “Scan Risk” button on PancakeSwap’s Swap page.

The announcement has been preceded by a positive price movement for PancakeSwap’s native token, CAKE, as the crypto market tracking website, CoinMarketCap, shows that CAKE’s price is up 1.30% at the time of writing. This has hoisted CAKE’s price to $3.98.

Additionally, the price of CAKE has strengthened against the crypto market leader, Bitcoin (BTC) by an estimated 0.51%.

The slight elevation in CAKE’s price has seen it print a 24-hour high of $3.99, with its 24-hour low at $3.86.

Daily chart for CAKE/USDT (Source: CoinMarketCap)

There are signs of a fresh bullish move as the daily Relative Strength Index (RSI) has crossed above the RSI SMA line. Furthermore, there is room for more buy support to enter CAKE’s charts as the RSI is in neutral territory.

Perhaps the first confirmation of a bullish move over the weekend is the daily 9 Exponential Moving Average (EMA) line crossing above the 20 EMA line. Currently, the two lines are neck-and-neck, with the 20 EMA line having an almost negligible margin over the 9 EMA line.

Should the RSI line fall below the RSI SMA line on the daily chart of CAKE/USDT over the weekend, then the bullish thesis will be invalidated.

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