PancakeSwap DEX Leads the Way: CAKE Soars 16% as TVL Hits $1.62B
The post PancakeSwap DEX Leads the Way: CAKE Soars 16% as TVL Hits $1.62B appeared first on Coinpedia Fintech News
After retesting and rebounding from a crucial support level of around $1.55 in the past few weeks, PancakeSwap (CAKE), the largest decentralized exchange (DEX) on the BNB chain, has signaled a shift to bullish sentiment. The mid-cap altcoin, with a fully diluted valuation of about $794 million and a 24-hour average trading volume of around $239 million, pumped more than 16 percent in the last 24 hours to trade around $2.16 on Monday, March 17, during the mid-European session.
Top Reasons Why CAKE Price Surged Today
The notable rise of CAKE price in the past 24 hours is majorly attributed to the rising on-chain activity of the PancakeSwap DEX. In the past 24 hours, PancakeSwap was the leading DEX by the overall volume traded of about $1.24 billion. In comparison, Solana’s Raydium recorded a 24-hour volume of about $418 million while Ethereum’s Uniswap (UNI) recorded a net daily volume of about $1 billion.
As Coinpedia mentioned, the notable demand for the Mubarak (MUBARAK) memecoin has helped increase the overall on-chain activity on the PancakeSwap DEX. Moreover, MUBARAK price has surged over 2000 percent in the past four days to trade at about $0.13 at the time of this writing.
According to market data from Defillama, PancakeSwap DEX has seen its total value locked (TVL) surge to about $1.62 billion. With over $160 million in staked CAKE, PancakeSwap has grown to a reputable DeFi platform.
PancakeSwap Price Forecast
From a technical analysis standpoint, CAKE price has been forming a macro market reversal pattern in the past year. The reversal pattern is characterized by a potential inverted head and shoulders (H&S) formation, coupled with a bullish divergence of the weekly Relative Strength Index (RSI).
The altcoin has established a robust support level above $1.55, which has been confirmed after a consistent close above in the past two weeks. In case of bullish sentiment ahead, CAKE’s price is aiming for $5 in the near term, which coincides with the 1.618 daily Fibonacci Extension.
Canary Capital Files for SUI ETF, SUI token Jump by 8%
The post Canary Capital Files for SUI ETF, SUI token Jump by 8% appeared first on Coinpedia Fintech ...
Dogecoin (DOGE) Poised for Massive Rally? Bullish Pattern Spotted
The post Dogecoin (DOGE) Poised for Massive Rally? Bullish Pattern Spotted appeared first on Coinpe...
Shiba Inu, FXGuys, and ONDO — Which One Holds the Strongest Growth Potential?
The post Shiba Inu, FXGuys, and ONDO — Which One Holds the Strongest Growth Potential? appeared firs...