PancakeSwap Price Forecast: CAKE Soars 29%, But Meme Kombat Steals The Spotlight With Explosive Presale

Updated: 02 November 2023

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The PancakeSwap price soared by 29% in the past 24 hours, reaching its peak at $1.60 as of 8 a.m. ET on November 2 in reaction to a significant milestone coupled with a new partnership.

At the time of writing, PancakeSwap’s CAKE token sits slightly under the $1.60 level, but it could still break through that level if the bullish pressure persists.

The new surge comes after CAKE spent the last week trading sideways, fluctuating between support at $1.20 and a resistance at $1.25. The price has been trapped by these two levels from October 27 until yesterday, November 1.

Positive Developments For PancakeSwap Price

However, several positive developments allowed it to start a sharp surge, which first took it to a resistance at $1.35. While this level briefly stopped the price’s progression, CAKE managed to breach it late on Wednesday, November 1.

The next significant resistance that the token encountered was at $1.45, which also persisted for several hours, even causing a slight price correction to under $1.40.

However, CAKE returned with a new bullish push, breaking the level and reaching the one at $1.55. This one fell as well, and faster than the previous ones, but the price found an even stronger resistance at $1.60, which is still keeping it from progressing further.

At the time of writing, the CAKE price is at $1.57. The token’s trading volume in the past 24 hours has also impressed, currently up by 933% and at $139.5 million.

What Is Fuelling Interest In PancakeSwap?

PancakeSwap’s impressive growth comes after several significant developments for the project, which operates as the most prominent decentralized exchange on the BNB Chain. Most recently, the platform reached an important milestone, announced in a post on X yesterday, November 1.

The announcement said the exchange crossed the $20 billion trading milestone on BNB Chain.

🔝🎉 Thrilled to announce we've crossed the $20B trading milestone on @BNBCHAIN! Immense gratitude for your unwavering support!

🔥 Dive in and trade now: https://t.co/Q7ytdqnNWq

👓 Navigate with our academy class:
: https://t.co/5i76rBDYue pic.twitter.com/2U80syTECg

— PancakeSwap v4🥞 (@PancakeSwap) November 1, 2023

In comparison, on Ethereum’s blockchain, DEX’s TVL touched around $62 million, while its volume exceeded 7.9 million.

Another major announcement came on October 30, when PancakeSwap announced a new partnership with Bril Finance.

The exchange’s head chef, popularly known as Chef Mochi, stated that by partnering with Bril Finance, the exchange will get the ability to bring new DeFi opportunities to its users.

He added that the aim is to become the central hub for all of DeFi, and integrations like this will allow PancakeSwap to become a one-stop shop for portfolio management.

In response to these developments, CAKE’s price skyrocketed by nearly 30%, and while it seems that it has hit a barrier for the time being, its growth may continue in hours to come.

Meme Kombat Presale Hits Its Major Milestone

While PancakeSwap has seen impressive performance, the spotlight was still stolen by Meme Kombat’s presale, which recently surged past $1 million in funds raised.

WE DID IT FIGHTERS!

We reached $1 MILLION in our presale raise🔥⚔️ pic.twitter.com/SvCu1zoj36

— Meme Kombat (@Meme_Kombat) November 1, 2023

The project has created an innovative new gaming platform that allows gaming enthusiasts to engage in active betting and earn passive income through staking.

Gamers can stake tokens, play games, earn rewards, and more. So far, the presale has raised $1.08 million.

The token’s price, now at $0.183, will increase to $0.189 in slightly less than a week so snap it up while you still can at a discount. Those wishing to buy the MK token can do so in exchange for ETH, BNB, or USDT.

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