PancakeSwap’s CAKE Breaks Eight-Month Resistance, Potential Upside to $4.25 Amid Rising Profit Booking Signals

Key Points

1. CAKE surged 15% on July 28, trading near $3.21, supported by a 202% increase in trading volume.

2. BNB’s price rally benefits PancakeSwap as it is the largest DEX on the BNB Chain by TVL and trading volume.

3. CAKE has formed an ascending triangle pattern, indicating a potential 34% price increase to $4.25 if it maintains above $2.90.

4. Open Interest in CAKE futures surged 67% to $100 million, reflecting bullish sentiment, but $757,000 worth of CAKE was transferred to exchanges, suggesting possible profit-taking.

5. The Long/Short ratio on Binance is 1.82, with 64.51% of top traders holding long positions.