The post PancakeSwap Price Breakout? Key Levels to Watch This Week appeared first on Coinpedia Fintech News
PancakeSwap one of the leading multichain decentralized exchanges, is back in the spotlight. This time around it is with a notable price movement and exciting product developments. After launching perpetual contracts for Apple, Amazon, and Tesla stocks, CAKE is attracting grabbing attention from retail and DeFi traders alike.
Successively, the expansion into tokenized stock derivatives with up to 25x leverage signals a strategic leap to diversify and deepen on-chain trading capabilities. Meanwhile, a cryptic X post from PancakeSwap’s handle on August 6 teased a “major announcement.” This is fueling bullish speculation about possible cross-chain expansions or fee changes.
Curious about PancakeSwap’s next big price move? Read this short-term price analysis for potential targets.
CAKE Price Analysis:
At the time of publication, CAKE is cutting the charts at $2.70, up 5.06% in 24 hours. The price has climbed past its 7-day SMA at $2.62 and pivot point at $2.64. This was significantly influenced by 39% higher volume. The breakout also comes as the MACD histogram at -0.033 shows fading bearish momentum.
Talking about indicators, the RSI currently sits at 53.27, recovering from oversold territory but still below the 56.86 signal line. Bollinger Bands have started to widen slightly, hinting at increased volatility ahead.
On the support and resistance front, CAKE has held well above the $2.52 support, bouncing off a 24-hour low of $2.57. Immediate resistance for Pancakeswap lies at $2.78, and then a critical level at $2.90, which also aligns with the 38.2% Fibonacci retracement of July’s peak at $3.302. That being said, a close above $2.90 could set the stage for a run back to the July high.
FAQs:
CAKE introduced perpetual contracts for Apple, Amazon, and Tesla, offering up to 25x leverage, a first for many DeFi users. This has led to the price surge.
$2.70 is the first hurdle, followed by $2.78 and a strong resistance at $2.90, a crucial breakout point.
Yes, CAKE broke above its short-term moving averages with rising volume and improving RSI, hinting at bullish sentiment.