The upward trend also caused a spike in the MVRV ratio and social dominance.
However, market indicators continued to favor the bears.
Pancake Swap [CAKE] felt pressure from the bears for a week as prices fell significantly. However, things were different for PancakeSwap at the time of writing, as evidenced by its recent price hike. A positive aspect of this increase was that it was supported by a huge increase in trading volume. But will CAKE be able to maintain this upward trend or will the growth stop soon?
Read Pancake Swap [CAKE] Price prediction 2023-24
PancakeSwap investors rejoice
CAKE witnessed a price drop of more than 4% over the past week, causing chaos among investors. The trend has now changed, like CAKE‘s price is up 4% in the last 24 hours, with an increase of more than 100% in trading volume.
One possible reason for the latest uptrend could be PancakeSwap’s integration with Google Cloud, which may have helped turn around market sentiment. According to the official tweet, PancakeSwap, with Google Cloud’s technology and scalable resources, enables users around the world to trade securely anytime, anywhere.
🤝 PancakeSwap is revolutionizing trading with @GoogleCloud!
🌎 With Google Cloud’s advanced technology and scalable resources, PancakeSwap empowers users around the world to trade securely anytime, anywhere.
📚Dive into the details and see how PancakeSwap uses Google… pic.twitter.com/EeTHLWbwAu
— PancakeSwap🥞 Ev3ryone’s Favorite D3X (@PancakeSwap) July 10, 2023
At the time of writing, CAKE trade for $1.51 with a market cap of over $316 million. The latest uptrend allowed CAKE to re-enter the list of the top 100 cryptos by market capitalization.
Thanks to the upward trend, CAKE’s popularity increased, as evidenced by its social dominance. Sentiment around CAKE also turned positive as weighted sentiment rose last week.
A look at CAKE’s on-chain stats suggested that the price-rising trend could continue. For example, one-day price volatility had increased. PancakeSwap’s MVRV ratio has also improved in recent days, raising the likelihood of a further increase. Interestingly, whales also became more active as the price of CAKE increased, which was evident in the increase in whale transactions.
Realistic or not, here it is CAKE market cap in BTC‘s conditions
This is the catch
While most of the statistics were positive, nothing can be said for sure, as some market indicators suggested otherwise. CAKEThe Relative Strength Index and Chaikin Money Flow have both followed a sideways path over the past few days.
The MACD’s data revealed an ongoing battle between the bulls and the bears. While the distance between the 20-day and 55-day exponential moving average (EMA) narrowed, the former was still below the latter, indicating a clear bearish upper hand in the market. It will be interesting to see which way the tides go in the coming days.
This post Is Google behind PancakeSwap’s latest bullish stint? Analyzing…
was published first on https://ambcrypto.com/pancakeswap-price-is-on-the-rise-but-this-is-the-catch/