PancakeSwap (CAKE) Price Prediction 2023 — Will CAKE Hit $5 Soon?
- Bullish CAKE price prediction is $4.136 to $7.920.
- PancakeSwap (CAKE) price might also reach $5 soon.
- Bearish CAKE price prediction for 2023 is $2.473.
In PancakeSwap (CAKE) price prediction 2023, we use statistics, price patterns, RSI, RVOL, and other information about CAKE to analyze the future movement of the cryptocurrency.
PancakeSwap (CAKE) Current Market Status
| Current Price | $3.73 |
| 24 – Hour Trading Volume | $45,349,079 |
| 24 – Hour Price Change | 0.2% up |
| Circulating Supply | 163,731,368 |
| All – Time High | $43.96 (On April 30, 2021) |
What is PancakeSwap (CAKE)?
A decentralized finance (DeFi) protocol called PancakeSwap is an automated market maker (AMM) that enables users to trade tokens, leasing out liquidity in exchange for commissions. It was launched in 2020 and is a decentralized exchange for trading BEP20 tokens on Binance Smart Chain. Users of PancakeSwap can trade against a liquidity pool using an automated market maker methodology. Users fill these pools by contributing money, in exchange for which they are given liquidity provider (LP) tokens.
Token swaps, liquidity, provision and farming, staking perpetual trading, lottery, NFT marketplace, and launchpad are the various features that PancakeSwap offers to its users. It is one of the few DEXs that gives users access to a range of financial products in a single interface for a more well-rounded DeFi experience.
Users of PancakeSwap can additionally farm the additional tokens – CAKE and SYRUP. Users can deposit LP tokens, looking them up in a process that rewards users with CAKE. Users can bet CAKE tokens to acquire SYRUP, which also serves as a governance token within the exchange.
PancakeSwap (CAKE) Price Prediction 2023
PancakeSwap (CAKE) holds the 66th position on CoinGecko right now. CAKE price prediction 2023 is explained below with a daily time frame.
The above chart of PancakeSwap (CAKE) laid out an ascending triangle pattern. The ascending triangle is a characteristic pattern of an ongoing bullish trend. This triangle is formed by a horizontal upper trendline that connects the highs and a lower trendline that connects the rising lows.
If the trend breakout at the resistance level, the price will continue to move up in this ascending triangle pattern.
Currently, PancakeSwap (CAKE) is in the range of $3.79. If the pattern continues, the price of CAKE might reach the resistance levels of $5.015. If the trend reverses, then the price of CAKE may fall to $3.141, and $2.473.
PancakeSwap (CAKE) Support and Resistance Levels
The chart below shows the support and resistance levels of PancakeSwap (CAKE).
From the above daily time frame, we can clearly interpret the following as the resistance and support levels for PancakeSwap (CAKE).
| Resistance Level 1 | $4.136 |
| Resistance Level 2 | $5.492 |
| Resistance Level 3 | $7.920 |
| Support Level 1 | $3.143 |
| Support Level 2 | $2.486 |
The charts show that PancakeSwap (CAKE) has performed a bullish trend over the past month. If this trend continues, CAKE might run along with the bulls overtaking its resistance level at $7.920.
Accordingly, if the investors turn against crypto, the price of PancakeSwap (CAKE) might plummet to almost $2.486, a bearish signal.
PancakeSwap (CAKE) Price Prediction 2023 — RVOL, MA, and RSI
The Relative Volume (RVOL) of PancakeSwap (CAKE) is shown in the chart below. It is an indicator of how the current trading volume has changed over a period of time from the previous trading volume. Currently, the RVOL of CAKE lies above the cutoff line, indicating strong participants in the current trend
Also, the Moving Average (MA) of PancakeSwap (CAKE) is shown in the chart above. Notably, PancakeSwap (CAKE) price lies above 50 MA (short-term), so it is on an upward trend. Currently, CAKE has entered a bullish state. Therefore, there is a possibility of a reversal trend of CAKE at any time.
Meanwhile, the relative strength index (RSI) of the CAKE is 70.93. This means that PancakeSwap (CAKE) is in an overbought state. However, this means a major price reversal of CAKE may occur in the upcoming days. So, traders need to trade carefully.
PancakeSwap (CAKE) Price Prediction 2023 — ADX, RVI
Let us now look at the Average Directional Index (ADX) of PancakeSwap (CAKE). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. This system attempts to measure the strength of price movement in the positive and negative directions using DMI indicators with ADX.
The above chart represents the ADX of PancakeSwap (CAKE). Currently, the ADX of CAKE lies in the range of 29.918 and thus, it indicates a strong trend.
The above chart also represents the Relative Volatility Index (RVI) of PancakeSwap (CAKE). RVI measures the constant deviation of price changes over a period of time. The RVI of CAKE lies above 50, indicating high volatility. In fact, the RSI of PancakeSwap (CAKE) is at 70.93 thus confirming a potential buy signal.
Comparison of CAKE with BTC, ETH
The below chart shows the price comparison between Bitcoin (BTC), Ethereum (ETH), and PancakeSwap (CAKE).
From the above chart, we can interpret that the price action of CAKE is similar to BTC and ETH. This indicates that when the price of BTC and ETH increases or decreases, the price of CAKE also increases or decreases respectively.
PancakeSwap (CAKE) Price Prediction 2024-2030
Numerous factors are taken into account when forecasting prices including volume changes, price variations, market cycles, and similar coins. Let’s predict the price of PancakeSwap (CAKE) between 2024 and 2030.
PancakeSwap (CAKE) Price Prediction 2024
If the declining price action completely slows down in momentum and the trend reverses, PancakeSwap (CAKE) might probably attain $6 by 2024.
PancakeSwap (CAKE) Price Prediction 2025
With several upgrades in the network, PancakeSwap (CAKE) might enter a bullish trajectory. If the coin grabs the attention of major investors, CAKE might rally to hit $8 by 2025.
PancakeSwap (CAKE) Price Prediction 2026
If PancakeSwap (CAKE) sustains major resistance levels and continues to be recognized as a better investment option among investors for the next 3 years, CAKE would rally to hit $10.
PancakeSwap (CAKE) Price Prediction 2027
If PancakeSwap (CAKE) sustains major resistance levels and continues to be recognized as a better investment option among investors for the next 4 years, CAKE would rally to hit $12.
PancakeSwap (CAKE) Price Prediction 2028
If PancakeSwap (CAKE) sustains major resistance levels and continues to be recognized as a better investment option among investors for the next 5 years, CAKE would rally to hit $14.
PancakeSwap (CAKE) Price Prediction 2029
PancakeSwap (CAKE) holds up a strong stance as a better investment option for the next 6 years amid the trends in the highly-volatile crypto market. By driving significant price rallies, CAKE would hit $16 in 2029.
PancakeSwap (CAKE) Price Prediction 2030
If investors flock in and continue to place their bets on PancakeSwap (CAKE), it would witness major spikes. CAKE might hit $18 by 2030.
Conclusion
With continuous improvements in the PancakeSwap network, we can say that 2023 is a good year for CAKE. For this reason, the bullish price prediction of PancakeSwap (CAKE) in 2023 is $7.920. On the other hand, the bearish price prediction of PancakeSwap (CAKE) for 2023 is $2.473.
Furthermore, with the advancements and upgrades to the PancakeSwap ecosystem, the performance of CAKE would help to reach above its current all-time high (ATH) of $43.96 very soon. But, it might also reach $5 if the investors believe that CAKE is a good investment in 2023.
FAQ
PancakeSwap(CAKE) is the native utility token of PancakeSwap. PancakeSwap is a decentralized exchange (DEX) native to the Binance Smart chain.
Pancake Swap (CAKE) has been listed on many crypto exchanges which include Binance, Huobi, LBank, BKEX, KuCoin, and Bybit.
With the ongoing developments and upgrades within the PancakeSwap platform, PancakeSwap (CAKE) has a high possibility of reaching its ATH soon.
On April 30, 2021 PancakeSwap (CAKE) reached its new all-time high (ATH) of $43.96.
PancakeSwap (CAKE) seems to be one of the top-gaining cryptocurrencies this year. According to the recorded achievements of PancakeSwap in the past few months, CAKE is considered a good investment in 2023.
PancakeSwap (CAKE) is one of the active cryptos that continues to maintain its bullish state. Eventually, if this bullish trend continues then PancakeSwap (CAKE) will hit $5 soon.
PancakeSwap (CAKE) price is expected to reach $6 by 2024.
PancakeSwap (CAKE) price is expected to reach $8 by 2025.
PancakeSwap (CAKE) price is expected to reach $10 by 2026.
PancakeSwap (CAKE) price is expected to reach $12 by 2027.
Disclaimer: The opinion expressed in this chart is solely the author’s. It does not interpret as investment advice. TheNewsCrypto team encourages all to do their own research before investing.
Read more: https://thenewscrypto.com/pancakeswap-cake-price-prediction
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
