PancakeSwap token has pumped by 12% in the past one week
CAKE has ranked high on social metrics in the week
The cryptocurrency has met a psychological $5 resistance and could correct
PancakeSwap CAKE/USD continues to excite despite the broader market slump. The cryptocurrency trades at close to $5, the highest in 4 months. On crypto ranking, PancakeSwap has moved to #60, up from #78 in July. This week, the cryptocurrency has gained by more than 12%.
CAKE’s gains coincide with positive social metrics. On September 29, the cryptocurrency was the second most mentioned BNB Chain project on Twitter. The social media mentions coincided with a 3.95% price jump in 24 hours.
Again on September 24, CAKE ranked second behind XRP on the AltRank list. The list ranks tokens based on social metrics and indicates upside anticipation for the coin. Aappratenly, CAKE was trading at $4.5 on the same date before surging to touch $5 earlier today.
CAKE meets resistance at $5 after weekly gains
Capital.com is a global broker which offers over 200 cryptocurrencies for its users.
It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets.
On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.
Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices.
It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform.
Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.
Source – TradingView
Technically, CAKE has been moving in a system of higher highs and higher lows. The price action indicates a building and sustained bullish momentum. The token has corrected slightly after meeting resistance at $5. The level coincides with overbought conditions, with the RSI at 70.
Being overbought does not mean that CAKE will undergo an outright correction. Instead, it suggests that buyers may exit positions, which could force a market correction.
With a positive price movement since June, CAKE is among the cryptos to beat the weak sentiment. With the projected correction at $5, buyers would look again to scoop the token at $4.5.
On the flip side, if CAKE manages to break above $5, it could initiate a longer-lasting recovery. An upside could see the token face minor resistance at $5.7.