- PancakeSwap price aims for a recovery above $20 in the near future.
- The decentralized exchange holds over $4 billion in liquidity.
- Only one key resistance level separates CAKE from new all-time highs.
PancakeSwap has finally beaten Uniswap in terms of total value locked, reaching $4 billion in the past 24 hours. The decentralized exchange has quickly exploded in popularity due to the significant increase in gas fees on the Ethereum blockchain.
PancakeSwap price on the brink of a 71% breakout
On the 4-hour chart, CAKE has established a symmetrical triangle pattern with a resistance trendline formed at $13. A breakout above this key level will drive PancakeSwap price towards $21.7, a 71% move above the previous all-time high of $21.45.
So proud to announce the strategic collaboration with @PancakeSwap
— TokenPocket (@TokenPocket_TP) March 4, 2021
1. Stake $TPT or Provide liquidity for TPT-BUSD to earn $CAKE
2. Stake $CAKE to Earn $TPT
Trade on PancakeSwap through TokenPocket will get #Airdrop
⏰Time Start: Mar. 5th 15:00 SGThttps://t.co/5z9dQc7CZo
Considering how close to the upper boundary CAKE is, a breakout seems more likely. Additionally, TokenPocket has just announced a partnership with PancakeSwap. Users can stake CAKE to earn TPT or stake TPT or TPT-BUSD to earn cake.
The CAKE-BNB LP price is set at $128.
— PancakeSwap #BSC (@PancakeSwap) March 4, 2021
A minimum commitment of 0.04 LPs is needed to get the participation achievement.
IF YOU DON'T COMMIT ENOUGH LP TOKENS, YOU MAY NOT RECEIVE ANY WATCH TOKENS AT ALL AND WILL RECEIVE A FULL REFUND FOR YOUR LP TOKENS!https://t.co/sT1r5vInLJ
PancakeSwap is also holding an IFO (Initial Farming Offering) for YieldWatch, a platform that helps users keep track of their DeFi farming platforms.
On the other hand, rejection from this level will force CAKE down to the lower boundary of the pattern at $9. A breakdown below this level will also drive the digital asset by 71% towards $2.6.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin Price Forecast: BTC recovers as Donald Trump takes lead on polls
Bitcoin (BTC) slightly recovered to around $68,800 on Tuesday, following a shift in the United States presidential race that saw former President Donald Trump regain the lead, after US spot Bitcoin ETFs experienced an outflow of over $540 million on Monday.
Crypto markets brace for volatility in tight race between Trump and Harris
The US presidential election is one of the most significant events in the world. Due to the influence of the country’s political decisions, policies, and economic approaches, it can significantly impact crypto and global markets.
Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections
MAGA (TRUMP) trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.