The cryptocurrency market is experiencing a slight pullback, but PancakeSwap (CAKE) shows resilience and trading volume growth.
Current Market Situation
A recent 1.33% decrease in the cryptocurrency market has pushed most assets into the red zone. Bitcoin, the largest asset, is trading at approximately $104.7K. On the same day, PancakeSwap opened on a negative note, hitting a daily low of $2.41.
Price Dynamics of CAKE
As of the time of writing, PancakeSwap is trading at $2.45. Over the past 24 hours, the asset has increased its trading volume by over 60.68%, amounting to $152 million. Over the month, CAKE has risen by more than 25%, starting at $1.94 and reaching a peak of $2.88.
Forecasts and Potential Trades
The four-hour candlestick of PancakeSwap indicates a brief bullish momentum. A potential move upward to the $2.51 mark may trigger retests at the $2.60 level. If bullish sentiment persists, further price strengthening could occur. However, a retrace may lead to testing support near $2.40.
PancakeSwap remains active amid the overall decline of other crypto assets. Sustained volume growth may suggest further scenarios for CAKE.
