CAKE’s volume has surged to $286M, backing the recent price breakout.
Despite that, the MVRV ratio is -40.95%, suggesting more upside.
If the golden cross holds, CAKE could target $3.64 unless BNB drops.
CAKE, the native token of decentralized exchange PancakeSwap, has surged 38% in the past 30 days. A month ago, the CAKE crypto price was sinking below $2.
Now it is trading at $2.80 after BNB hit a new all-time high. The rally isn’t random.
CAKE and BNB have a tight on-chain correlation, thanks to PancakeSwap’s roots on the BNB Chain. When BNB breaks out, CAKE’s price usually follows.
But can CAKE keep climbing? Let’s dig into the data and find out.
PancakeSwap Volume Spikes
According to CCN’s findings, trading volume around CAKE has nearly doubled. On July 23, the CAKE crypto volume sat below $150 million.
As of now, it has surged to $286.19 million, likely driven by both speculation and spillover from BNB’s breakout.
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From a trading perspective, this checks out. When volume rises alongside price, it’s a bullish confirmation. However, a decline in volume amid a price increase indicates weakness.
Therefore, in CAKE’s case, the volume spike backs the breakout, indicating that buyers are not watching from the sidelines but are injecting capital into the altcoin.
If this trend continues, the CAKE crypto price might break the next resistance point on the chart.
Zooming into the 4-hour, CAKE has formed a golden cross. This happens when a shorter-term Exponential Moving Average (EMA) leaps above a longer-term one, flashing potential for continued upside.
In this case, the 20-day EMA (blue) has surged above the 50-day EMA (yellow) — a green light that mostly marks the start of a trend acceleration.
Should this trend remain the same in the short term, the CAKE crypto price might breach the overhead resistance at $2.99. Once that happens, the altcoin will likely accelerate toward $3.64.
However, traders might need to watch out for BNB’s price action to validate this movement. On the flip side, if BNB’s price experiences a notable correction, this extended rally might not happen.
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.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
