PancakeSwap Price Prediction: CAKE Down 3%

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PancakeSwap CAKE has demonstrated adverse market movements in the last few days, creating panic among traders. The token recorded a 17% price decline from its market value in the past month.

The persistent downtrend has created uncertainty about the token’s ability to rebound and regain price stability in the coming days. Today, August 23, the asset’s market value is $1.27 at 04:18 EST, representing a 1% 24-hour decline.

PancakeSwap CAKE’S Price Performance Month Discourages Investors

The token, CAKE, has recorded a 15% price loss over the past 14 days following continued selling pressure in the market. Its current price shows that the asset’s value has declined by 13% in the past week.

CAKE Remains Bearish, What’s Next?

Based on the chart above, the CAKE market shows the probability of recording a price uptick as buying activity builds up, evident in the forming green candle.

With the help of some technical indicators, CAKE trades below the 50-day and 200-day Simple Moving Average (SMA). This suggests that CAKE has succumbed to the bearish momentum in the broader crypto market.

Moreover, the Moving Average Convergence/Divergence is below the signal line with a faint red histogram bar, depicting increased selling pressure on CAKE.

Furthermore, CAKE’s Relative Strength Index at 26.52 is in the oversold zone, confirming the prevailing bearish momentum. However, the RSI below 30 shows the asset is undervalued and could rebound if investors buy the dip in the coming days.

CAKE’s Support and Resistance

Considering the chart above, the bulls have gained slight momentum and could push CAKE to the $1.65 resistance level if they increase buying pressure. Moreover, if the bullish momentum persists, more traders could enter the market, creating a positive market sentiment.

This will trigger more buying activity, forcing CAKE to rally to the significant resistance ($1.86) in the next few weeks.

CAKE’s Migration to BNB Chain V3 Encourages Liquidity and Token Adoption

Pancakeswap shares that via the X platform, its farm migration from Binance chain V2 to Binance chain V3.

🌾 The adjusted Farms are NOW LIVE on BNB Chain PancakeSwap!

➡️ 🧑‍🌾 As we continue the migration from v2 to more efficient v3 Farms, we're excited to lower CAKE emission, while still keeping trades optimized. https://t.co/rlW4kEWOQp

— PancakeSwap v4🥞 (@PancakeSwap) August 22, 2023

This will enable the crypto firm to optimize trades, reduce CAKE emissions, and make its farming activity more efficient. The move from BNB V2 to BNB V3 could boost liquidity, encourage higher trading volume, and generate more firm income through trading fees.

The migration could positively impact CAKE’s market value as increased liquidity could attract more investors.

PancakeSwap Integrates Diamond Protocol

PancakeSwap partners with Diamond Protocol to simplify liquidity provisions, automate, and improve crypto farming yield and harvesting.

The integration allows users to borrow tokens from Diamond’s pool and lock the digital assets on the PancakeSwap, creating flawless and simplified liquidity provisioning. It fosters lending and borrowing activity within the decentralized finance sector.

Furthermore, users can access three income opportunities, short/long profit, reward APR, and enhanced fee APR, with one liquidity position on the Diamond Protocol.

Diamond Protocol uses a simulator to get the best market value for users to unlock liquidity, creating trust among investors for always getting the right price for taking profits.

The collaboration between PancakeSwap and Diamond Protocol gives investors new experiences within the DeFi sector. With this partnership, the demand for CAKE might increase, pushing its value to higher highs.

Wall Street Memes ($WSM) Approaches Listing

The nascent meme crypto project with tremendous presale success is set to list on centralized exchanges in September. It has recorded enormous milestones, raising speculations for massive returns among crypto enthusiasts and investors.

Inspired by the recent success in the meme crypto sector, Wall Street Memes leverage the excitement within the online investment community to celebrate the internet’s victory over capitalism.

It has raised over $25 million and trades at $0.0337, reflecting increased investor adoption. According to the official website, the presale is in the final stage. Wall Street Memes also provides earning opportunities by adopting a stake-to-earn program.

Investors who stake the token will receive rewards for supporting and encouraging seamless trading activity. Again, the staking program will enable $WSM to maintain a stable trading price when listed on exchanges and increase $ WSM’s accessibility and convertibility.

The project has garnered remarkable support from investors and influencers. According to the team, Wall Street Memes has over 1 million community engagement.

It also recorded over 40 million impressions per month. Multiple crypto influencers on YouTube also assist in boosting public awareness of the project.

A famous crypto influencer and YouTuber, Up Next Crypto, with 445,000 subscribers, portrays $WSM as the number one crypto in the meme community.

To join the Wall Street Memes movement, visit the presale website, connect your crypto wallet, and use ETH, ESDT, or fiat money (via bank cards) to swap $WSM.