PancakeSwap (CAKE) token price surged by 12% in the last 24 hours amidst the overall rise in the crypto market, leading to a significant increase in trading volume.
CAKE Rally and Its Causes
CAKE price increased to $3.19 driven by the overall strength in the crypto market and new product rollouts. Notably, trading volume surged by 191%. Key factors include macro-chain strength, new product releases, and token burning actions.
PancakeSwap Product Expansion
On July 24, PancakeSwap launched its Infinity DEX product on Base, Coinbase’s Layer 2 Ethereum solution, providing an additional boost to demand for the CAKE token. The trading volume on Base exceeded $1.6 billion daily, indicating strong interest in the new product.
Technical Analysis and Predictions
Technical analysis indicates that CAKE has completed an inverse head and shoulders pattern and has broken through a long-standing descending trendline. The target level according to predictions is set at $40.79. Volume analysis confirms strong accumulation at key support levels.
The current price indicators for CAKE reflect a significant increase in investor interest, and technical signals affirm bullish sentiment. Investors will closely monitor developments on the BNB Chain.
