The price of CAKE is up 5% in the last 24 hours.
Metrics looked bearish while market indicators supported the bulls.

Pancake Swap [CAKE] recently announced that it will be launching a new lottery jackpot to celebrate the Lunar New Year. This special Lunar New Year lottery promotion offers the chance to win up to 26,530 CAKE.

Users can start purchasing tickets from January 27. After the first sale of 3,000 tickets, the jackpot receives 100 CAKE for every 1,000 tickets sold. Interestingly, PancakeSwap adds 0.1 CAKE to the jackpot for every retweet and like of the campaign tweet.

Realistic or not, here it is CAKE’s market cap in BTCs requirements

Shortly after this announcement was made, PancakeSwap saw an increase in the number of users on the network. Token Terminal’s data showed that PancakeSwap was among the top five Dapps and blockchains in terms of daily active users. BNB, Ethereum, and Polygon topped the same list.

Should investors be happy?

As a result of these developments, the price of CAKE has increased by more than 5% in the past 24 hours, resulting in gains on the chart. From CoinMarketCapat the time of writing, CAKE was trading at $3.82 with a market cap of over $646 million.

CAKE’s MVRV ratio has been rising in recent days, which may have played a key role in this recent price increase. Nevertheless, CAKE’s rate slowed sharply on January 20. In fact, popularity has also dropped over the past week as social volume declined.

Source: Sentiment

How many 1,10,100 PIES worth today

But there is hope

Most of the stats didn’t support a price move, and CAKE’s daily chart offered much-needed hope. The Relative Strength Index (RSI) was above the neutral mark, which was bullish.

PIEChaikin’s Money Flow (CMF) was also relatively higher, further increasing the likelihood of a price increase. In addition, the Exponential Moving Average (EMA) ribbon revealed that the 20-day EMA was fast approaching the 55-day EMA, suggesting the possibility of a bullish crossover in the coming days.

Source: TradingView

This post PancakeSwap: deciphering what awaits CAKE holders in the long run

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