Why CAKE is Defying the Crypto Market Correction | Credit: Hameem Sarwar
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Key Takeaways
PancakeSwap (CAKE) broke out from a symmetrical triangle.
The CAKE price has almost broken out from the $4.95 resistance.
If CAKE breaks out, it could surge to a nearly five-year high.
With the launch of Aster, backed heavily by Changpeng Zhao (CZ), PancakeSwap (CAKE) has been pushed slightly out of the spotlight.
Yet it remains the largest decentralized exchange (DEX) on Binance Smart Chain (BSC), and BNB’s new all-time high is giving CAKE fresh momentum.
Over the past week, CAKE has surged nearly 70%, breaking out of its long-term downtrend.
Even as the broader crypto market faces a correction, CAKE is flashing bullish signals that suggest its rally may still have room to run.
CAKE Price Analysis
The weekly time frame analysis shows that the CAKE price has traded inside a symmetrical triangle since the end of 2023.
There were numerous bounces at the triangle’s resistance and support before the price finally broke out.
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Momentum indicators support this bullish CAKE prediction. The Relative Strength Index (RSI) is above 50 while the Moving Average Convergence/Divergence (MACD) is positive.
So, while a short-term decline could occur, the CAKE price will eventually break out from $4.95 and move to a nearly four-year high.
Why is CAKE Going Up?
The wave count supports this bullish CAKE price prediction, suggesting an imminent breakout.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
