PancakeSwap is a decentralized finance application which allows the trade of cryptocurrencies – an Automated Market Maker. In order words, PancakeSwap is a decentralized exchange (DEX). The cryptocurrency picked up bullish momentum in mid-February. From a price level of less than $1 during the beginning of the year, PancakeSwap is currently trading at $12. The cryptocurrency established its all-time high at $17.50 during February which is an almost a 1,500% increase since the beginning of the year.
The price of PancakeSwap saw a minimal decrease of 1.20% in the 24-hour time frame. While the daily trading volume went up by 23%. The market ranking of the coin is 55 with a market capitalization of $1,743,890,978.
Traders are bullish on the cryptocurrency and suggest a long position. A trader has identified a possible future trajectory for PancakeSwap. Per the analysis of the trader, the cryptocurrency is expected to be oscillating on an upward trend in the coming days. PancakeSwap will be facing resistance at $13.50 followed by $14.60 and $15.65. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are also bullish – moving upwards.
The market for PancakeSwap (CAKE) continues to be bullish with a majority of the technical indicators standing at a position of buy. Out of the 27 technical indicators, seven stand at a neutral position while ten are giving out an indication of buy with zero sell indications. The oscillators are neutral while the Moving Averages are giving out a strong buy indication.
What has been up?
PancakeSwap (CAKE) is the biggest decentralized exchange on Binance Smart Chain. The network was launched in October last year and in a small period of time, it has achieved phenomenal growth. CAKE has the backing of the leading cryptocurrency exchange Binance and has been dubbed as Binance’s “Darling DEX”.
The price of PancakeSwap suffered from major pullbacks in the middle of March because of a hijack attack. Per the developers, the Domain Name Service (DNS) has been compromised by hackers and anyone who visited the network during the hack received a pop-up message asking for users’ private key. The network was quick to act and after warning, users on Twitter started acting on recovering the system. The attack was part of a coordinated bigger attack on a number of decentralized finance projects including Creamdotfinance.
However, the price has somewhat recovered from the attack and the uptrend can be resumed by PancakeSwap. RobonomicNetowkr’s XRT also began trading on the network and the HYVE ERC-20 token will be listed on PancakeSwap as well.