CAKE underperforms despite Opera’s integration

    CAKE has been underperforming over the last 24 hours despite the Opera Crypto Browser announcing its integration with Pancakeswap.

    CAKE, the native coin of Pancakeswap decentralised exchange (DEX), is down by more than 1% in the last 24 hours. The poor performance coincides with that of the broader cryptocurrency market.

    The total crypto market cap has dropped to $920 billion after losing more than 1% of its value in the last 24 hours.

    Bitcoin continues to struggle below $19k after losing more than 2% of its value so far today. It could dip lower ahead of today’s FOMC meeting. Ether risks dropping below the $1,300 mark for the first time in weeks after losing more than 2% of its value in the last few hours.

    CAKE’s poor performance comes despite the Opera Crypto Browser announcing its integration with Pancakeswap.

    Opera Crypto Browser said Pancakeswap is now live on its wallet. The integration is designed to provide quick and easy swaps for tokens on the decentralised exchange.

    Following this latest development, Opera Crypto Browser users can now swap tokens via BNBChain.

    Key levels to watch

    The CAKE/USD 4-hour chart is bullish despite Pancakeswap underperforming over the last 24 hours. However, the technical indicators show that CAKE could turn bearish soon.

    CAKE/USD Chart By TradingView

    The MACD line remains above the neutral zone, indicating positive momentum for CAKE. The 14-day RSI of 46 shows that CAKE could be heading into the oversold region if the bearish sentiment continues.

    At press time, CAKE is trading at $4.2713 per coin. If the bearish trend continues, CAKE could drop below the $4.177 support level before the end of the day.

    However, the bulls could take advantage of Opera’s integration to push CAKE higher in the near term. If that happens, CAKE could move past the $4.4146 resistance level over the next few hours.

    However, it would need the support of the broader cryptocurrency market to attempt the second major resistance level at $4.751 in the short term. 

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