PancakeSwap has caught the attention of traders lately. This, after it delivered a promising performance in recent days. Despite the current bearish market conditions, CAKE managed to outperform its competitors to stay in the green area.

At the time of writing on September 25, CAKE’s value was up more than 4% in the past seven days and traded at $4.57 with a market cap of $652,034,047. While there could be several reasons for this wave, multiple positive developments in the community may have fueled this episode.

What is happening?

As the price of CAKE grew, several interesting developments took place in the community that brought CAKE attention.

For example, CAKE was just behind the best performing XRP in the list of the top 10 coins with 1-week AltRank. This ranking is a huge bull signal as it suggests that the price of the coin has a higher chance of rising in the coming days.

Moreover, CAKE was also trending on CoinMarketCap as it was one of the most BNB chain trending projects. This signifies the popularity of the token in recent days, which in itself is another positive sign.

Interestingly, several on-chain stats also indicate better days for the token to come. For example, CAKE’s development activity saw a significant increase.

Since development activities represent the efforts of developers to improve a blockchain, things are looking good for CAKE.

In addition, CAKE’s social volume has also increased in the past month, proving why it was trending. Not only this, but CAKE’s NFT space was also heated after total USD NFT trading volume grew over the past week.

Source: Santiment

Moving forward

CAKE’s daily chart also painted a similar bullish picture as most market indicators favored buyers.

Interestingly, a bullish ascending triangle pattern has formed in the CAKE chart, further increasing the likelihood of an early breakout to the north.

The Relative Strength Index (RSI) registered an increase, which was another bullish sign. The exponential moving average (EMA) ribbon indicated that the buyers had an advantage in the market as the 20-day EMA was above the 55-day EMA.

However, the Chaikin Money Flow (CMF) was in a neutral position, which could hinder CAKE’s next uptrend.

Source: TradingView

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