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.
⏰ The lottery jackpot will be drawn on round 792, Saturday 28, 12:00 UTC, 2023
✅ Users can start buying tickets from the 27th, Friday, 12:00 UTC, 2023
🎟️ Buy your ticket at: https://t.co/Myhip2k5nZ
📚 Read the article to learn how to participate: https://t.co/5hWyu1gPma
— PancakeSwap 🥞 #Multichain (@PancakeSwap) January 20, 2023
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.
👥 Daily active users in crypto 👥
🥇BNB chain 777.5k
5⃣Pancake Swap 113.6k
11. Optimism 31.1k
12. Avalanche 27.0k
13. Blur 9.7k
14. Starknet 7.8k pic.twitter.com/9LM1kalScI
— Tokenterminal (@tokenterminal) January 20, 2023
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.
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.
This post PancakeSwap: deciphering what awaits CAKE holders in the long run
was published first on https://ambcrypto.com/pancakeswap-decoding-what-lies-ahead-for-cake-holders-in-long-term/