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PancakeSwap token has pumped by 12% prior to now one week
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CAKE has ranked excessive on social metrics within the week
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The cryptocurrency has met a psychological $5 resistance and will appropriate
PancakeSwap CAKE/USD continues to excite regardless of the broader market stoop. The cryptocurrency trades at near $5, the very best in 4 months. On crypto rating, PancakeSwap has moved to #60, up from #78 in July. This week, the cryptocurrency has gained by greater than 12%.
CAKE’s features coincide with constructive social metrics. On September 29, the cryptocurrency was the second most talked about BNB Chain venture on Twitter. The social media mentions coincided with a 3.95% price soar in 24 hours.
Again on September 24, CAKE ranked second behind XRP on the AltRank record. The record ranks tokens primarily based on social metrics and signifies upside anticipation for the coin. Aappratenly, CAKE was buying and selling at $4.5 on the identical date earlier than surging to the touch $5 earlier right now.
CAKE meets resistance at $5 after weekly features
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Source – TradingView
Technically, CAKE has been shifting in a system of upper highs and better lows. The price motion signifies a constructing and sustained bullish momentum. The token has corrected barely after assembly resistance at $5. The degree coincides with overbought situations, with the RSI at 70.
Concluding ideas
Being overbought doesn’t imply that CAKE will endure an outright correction. Instead, it means that patrons could exit positions, which may drive a market correction.
With a constructive price motion since June, CAKE is among the many cryptos to beat the weak sentiment. With the projected correction at $5, patrons would look once more to scoop the token at $4.5.
On the flip aspect, if CAKE manages to interrupt above $5, it may provoke a longer-lasting restoration. An upside may see the token face minor resistance at $5.7.
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