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Here’s the case for CAKE sustaining its uptrend after 53% hike
Despite a massive 53% surge in just a few hours, PancakeSwap’s native token, CAKE, may continue to rise and maintain its uptrend. As of now, there are indicators pointing towards this possibility.
Firstly, it is imperative to recognize that CAKE has already gained significant momentum, with its Total Value Locked (TVL) surging by 15.91% in the past 24 hours. Additionally, fees generated on PancakeSwap have increased substantially, standing at $50.04 million over a week and an additional $8.43 million in the last 24 hours. This growth demonstrates that demand for CAKE is growing, which could fuel its rally further.
Furthermore, if Changpeng Zhao (CZ), the founder of the BSC chain, decides to launch a memecoin, it may have a substantial impact on CAKE’s price. This is because traders might be positioning themselves for potential opportunities in these tokens. If CZ does interact with a couple of memes on BNB Chain, as he has hinted at, CAKE would likely benefit from the increased trading and speculation.
Despite this bullish momentum, it is essential to consider the possibility of a brief correction before a further rally can take place. This correction could be fueled by a potential drop in price following the failure to break through the 3.217 resistance zone.
In conclusion, while CAKE has already experienced a remarkable surge, the situation remains optimistic for a sustained uptrend. The growing demand and increased TVL and fees generated on PancakeSwap may drive its rally further.
Source: ambcrypto.com
