PancakeSwap (CAKE) Bulls Take Control as Momentum Builds Up
PancakeSwap (CAKE) is rallying as selling pressure weakens, breaking key resistance levels and showing signs of further growth.
By Tylt Editorial Team
CAKE price is trading above the 50-day and 200-day EMAs, signaling bullish momentum.
On-chain data shows increasing holders and transfer activity, indicating rising interest.
If bullish momentum sustains, CAKE could surge 45%-50% to $4.00.
PancakeSwap (CAKE) is gaining bullish momentum, breaking past key moving averages and showing strong signs of continued upward movement. The price has successfully moved above both the 50-day and 200-day exponential moving averages (EMAs), confirming a positive trend. As of now, CAKE is trading at $2.57, with a market capitalization of approximately $754.14 million. This move positions the asset favorably for further gains if buyers maintain their control.
On-chain data supports this bullish outlook, as the number of CAKE holders has increased from 1,824,653 on March 4 to 1,826,602. Additionally, token transfer activity has seen a substantial rise, with transfer counts soaring from 26,175 on March 14 to 137,941. This spike in activity highlights growing investor confidence and market engagement with the asset.
Technical indicators further reinforce the bullish narrative. The Relative Strength Index (RSI) is currently at 67.71, suggesting strong buying interest. Meanwhile, the 14-day SMA remains below the median line at 42.34 points, signaling additional room for upward movement. The MACD indicator has also flashed a bullish crossover, with the MACD curve at 0.0075 and the signal curve at -0.0989 trending upwards, confirming ongoing positive momentum.
If CAKE maintains support above the 200-day EMA, analysts predict a potential price surge of 45% to 50% in the coming weeks. This could push the price to the critical $4.00 mark. However, traders should also note that immediate support lies around $2.2164, approximately 13% below the current price level. Despite market fluctuations, CAKE’s price action remains relatively stable compared to other major digital assets.
The next few weeks will be crucial for CAKE, as sustaining the current momentum could lead to significant gains. Investors and traders will be closely monitoring whether the asset can maintain its upward trajectory and break past the anticipated resistance levels. With positive indicators and increased market activity, the possibility of CAKE reaching $4.00 is becoming more likely, making it one of the most-watched altcoins in the market right now.
