PancakeSwap breaks 8-month resistance – $4.25 in sight, only if…
Main Idea
PancakeSwap's CAKE token broke an 8-month resistance level, potentially targeting $4.25, amid a broader market recovery and BNB Chain's bullish momentum.
Key Points
1. CAKE surged 15% to $3.17, breaking an 8-month resistance at $2.90, with a 202% increase in trading volume.
2. The breakout aligns with BNB's rally to $860, boosting sentiment in the BNB Chain ecosystem, where PancakeSwap is the largest DEX by TVL and trading volume.
3. Technical analysis suggests a 34% upside to $4.25 if CAKE sustains above $2.90, supported by an ascending triangle pattern.
4. Open Interest (OI) rose 67% to $100 million, with 64.51% of top Binance accounts holding long positions, but $757K in CAKE moved to exchanges may indicate profit-taking.
Description
CAKE breaks free, but with $757K moved to exchanges, will bulls hold or take profit?
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