PancakeSwap Price Prediction 2022 — Will CAKE Hit $30 Soon?
- Bullish CAKE price prediction is $7.15 to $28.59.
- The CAKE price will also reach $30 soon.
- CAKE’s bearish market price prediction for 2022 is $5.77.
In PancakeSwap’s (CAKE) price prediction 2022, we use statistics, price patterns, RSI, RVOL, and much other information about CAKE to analyze the future movement of the cryptocurrency.
PancakeSwap Current Market Status
According to CoinGecko, the price of CAKE is $6.00 with a 24-hour trading volume of $72,398,777 at the time of writing. However, CAKE has decreased 0.6% in the last 24 hours.
Moreover, CAKE has a circulating supply of 273,960,984 CAKE. Currently, CAKE trades in cryptocurrency exchanges such as Binance, Bitget, Bybit, Mandala Exchange, and CoinTiger.
What is PancakeSwap (CAKE)?
PancakeSwap (CAKE) is a decentralized finance (DeFi) application that enables users to exchange tokens, providing liquidity through farming and earning fees in return. PancakeSwap allows users to trade BEP20 tokens, provide liquidity to the exchange and earn fees, stake LP tokens to earn CAKE, stake CAKE to earn more CAKE and Stake CAKE to earn tokens of other projects.
PancakeSwap (CAKE) Price Prediction 2022
PancakeSwap holds the 63rd position on CoinGecko right now. CAKE price prediction 2022 is explained below with a daily time frame.
A falling wedge pattern is bullish, although it appears after a bearish trend. It signifies that bulls have lost their momentum, and bears have temporarily taken control of the price. As a result, the price starts to make new lower lows, but at a corrective space.
A bullish trend forms after a significant event by encouraging buyers to long for an asset with the hope of future price appreciation. When lower highs and lower lows form, as in a falling wedge, security remains in a downtrend.
Currently, CAKE is in the range of $6.01. If the pattern continues, the price of CAKE might fall to the support level of $5.77 If the trend reverses, then the price of CAKE may reach the resistance levels at $7.15 and $8.57.
PancakeSwap (CAKE) Support and Resistance Level
The below chart shows the support and resistance level of CAKE.
From the above daily time frame, it is clear the following are the resistance and support levels of CAKE.
- Resistance Level 1 – $8.68
- Resistance Level 2 – $13.18
- Resistance Level 3 – $21.37
- Resistance Level 4 – $28.59
- Support Level – $5.88
The charts show that 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 $28.59.
Accordingly, if the investors turn against the crypto, the price of the CAKE might plummet to almost $5.88, a bearish signal.
PancakeSwap Price Prediction 2022 — RVOL, MA, and RSI
The Relative Volume (RVOL) of CAKE is shown in the below chart. It is an indicator of how the current trading volume has changed over a period of time from the previous volume for traders. Currently, the RVOL of CAKE lies below the cutoff line, indicating weaker participants in the current trend.
More so, the CAKE’s Moving Average (MA) is shown in the chart above. Currently, CAKE is in a bearish state. Notably, the CAKE price lies below 50 MA (short-term), so it is completely in a downward trend. Therefore, there is a possibility of a reversal trend of CAKE at any time.
Meanwhile, the relative strength index (RSI) of the CAKE is at level 36.61. This means that CAKE is in a nearly oversold state. However, this means a major price reversal of CAKE may occur in the upcoming days. So, traders need to trade carefully.
PancakeSwap Price Prediction 2022 — ADX, RVI
Let us now look at PancakeSwap’s Average Directional Index (ADX). 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. Currently, CAKE lies in the range of 44, so it indicates a strong trend.
From the above chart, the Relative Volatility Index (RVI) of CAKE. RVI measures the constant deviation of price changes over a period of time rather than price changes. The RVI of CAKE lies below the 50 levels, indicating that the direction of volatility is low. In fact, CAKE’s RSI is at a 36.61 level thus confirming a potential sell signal.
Comparison of CAKE with BTC, ETH
The below chart shows the price comparison between Bitcoin, Ethereum, and PancakeSwap.
From the above chart, we can identify the trend of the ETH, BTC, and CAKE is moving at the same level as the trend. This indicates that when the price of BTC increases or decreases, the price of ETH and CAKE also increases or decreases respectively.
Conclusion
With continuous improvements in the PancakeSwap network, we can say that 2022 is a good year for CAKE. For this reason, the bullish price prediction of PancakeSwap in 2022 is $28.59. On the other hand, the bearish CAKE price prediction for 2022 is $5.77.
Furthermore, with the advancements and upgrades on the CAKE ecosystem, the performance of CAKE would help to reach above its current all-time high (ATH) $13.18 very soon. But, it might also reach $30 if the investors believe that CAKE is a good investment in 2022.
FAQ
Pancakeswap (CAKE) is a decentralized finance (DeFi) application that enables users to exchange tokens, providing liquidity through farming and earning fees in return.
CAKE has listed on many crypto exchanges which include Binance, Bitget, Bybit, Mandala Exchange, and CoinTiger.
With the ongoing developments and upgrades within the CAKE platform, it has a high possibility of reaching its ATH soon.
On April 30, 2021, 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 CAKE in the past few months, CAKE is considered a good investment in 2022.
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 $30 soon.
PancakeSwap (CAKE) price is expected to reach $36 by 2023.
PancakeSwap (CAKE) price is expected to reach $44 by 2024.
PancakeSwap (CAKE) price is expected to reach $50 by 2025.
PancakeSwap (CAKE) price is expected to reach $60 by 2026.
Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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