PancakeSwap’s CAKE has recently broken through a significant 8-month resistance level. This breakout may allow CAKE to rise by 34%, potentially reaching $4.25 if the current momentum persists.
The recent trading activity has shown a remarkable 202% increase in volume for CAKE, indicating growing interest among investors and traders. The positive sentiment is fueled by CAKE’s connection to Binance Coin (BNB).
Despite the positive outlook, market sentiment remains mixed due to a considerable amount of CAKE being moved to exchanges for profit-taking, with $757,000 transferred on the same day. This could impact future price movements.
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