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PancakeSwap (CAKE) token has a bearish movement in the market despite the upturn in the general crypto market. However, the token recorded a slight price uptick in the last 24 hours, suggesting a possibility for a bullish rebound before the day ends.
At 9:30 am EST, CAKE traded at $1.50, with a 0.22% 24-hour increase. While the probability of a notable price increase remains uncertain, let’s explore CAKE’s market outlook for hints.
PancakeSwap CAKE Price Analysis
CAKE/USD daily chart reveals that the asset is in a sideways trend that began on July 6. A drop below the $2.56 support level led to CAKE shedding most of its gains. It trades close to the $1.66 resistance level after finding critical support at $1.43.
PankaceSwap (CAKE) shows limited trading activity on the daily chart, with no significant gains in the past few days.
It trades below its 50-day and 200-day Simple Moving Averages (SMA), expressing a bearish sentiment confirmed by the red candle formed on the daily chart.
Also, its Relative Strength Index (RSI) at 47, moving in a sideways pattern, confirms the prevalent sideways trend. The Moving Average Convergence/Divergence (MACD) is below its signal line, with very faint histogram bars, indicating high sell pressure in CAKE’s market.
CAKE will likely retrace in the coming days before its rallies again if the bulls prevail.
PancakeSwap Token Burns and Ecosystem Partnerships Might Boost Its Price
PancakeSwap, on August 7, announced the burning of approximately 8.27 million CAKE tokens worth $12 million. These token burns will likely boost the asset’s overall value in the ecosystem.
🔥 8,275,823 $CAKE just burned – that’s $12M!
💰 Trading fees (V2 and Perpetual): 111k CAKE ($166k) -17%
💰 Trading fees (V3): 56k CAKE ($84k) +53%
🔮 Prediction: 86k CAKE ($128k) +7%
🎟️ Lottery: 35k CAKE ($53k) +31%
🔒 NFT Market, Profile & Factory: 1.2k CAKE ($2k) -52%
🎮… pic.twitter.com/ayHSQk8StM— PancakeSwap v4🥞 (@PancakeSwap) August 7, 2023
In another blog post, PancakeSwap announced a collaboration with bloXroute Labs to offer traders front-running protection with private RPC shields.
🛡️With @bloXrouteLabs as our partner, we're proud to offer traders unparalleled front-running protection. Private RPC shields your transactions from public visibility in the mempool, safeguarding you from bots and MEV searchers. Best of all, it's FREE! Let's explore the benefits:… pic.twitter.com/3o5i97GuSy
— PancakeSwap v4🥞 (@PancakeSwap) August 7, 2023
This feature protects transactions from public visibility in the mempool, safeguarding users from bots and MEV searchers. The bloXroute MEV Protect Engine assures users a 100% success rate on Ethereum and approximately 85% on the BNB chain.
Integration of the software is easy and free. Also, the PancakeSwap Private RPC does not collect user information like IP addresses or personal data. The Addition of Range Protocol Vaults to the ecosystem on August 8 provided a boost to users.
According to the announcement, users can earn higher yields with automated liquidity management strategies. Range Protocol offers a range of yield strategies for liquidity providers depending on risk preference.
2/4⛽ Range caters to all liquidity providers, offering a Range (🥁 ba-dum-tss) of yield strategies, depending on your risk appetite!
😎 No matter your risk preference, as an LP you can earn passive income through Range’s automated liquidity management 🙏
— PancakeSwap v4🥞 (@PancakeSwap) August 8, 2023
These developments likely drive the slight gains noticed in CAKE’s price in the last 24 hours, although it experiences price volatility.
PancakeSwap (CAKE) Alternative
While CAKE shows price volatility, BTC20 offers investors a chance to join the next crypto gem project with potential profit opportunities.
BTC20 is an ERC-20 cryptocurrency project offering users a combination of Bitcoin’s operating mechanism and Ethereum blockchain’s fast and robust smart contract functionality.
It hopes to replicate the early success of Bitcoin, granting investors a chance to join the project before a possible price surge.
BTC20 Presales Conclude
BTC20, on July 29, concluded its presale achieving its target of $6.050 million for the presale stage. This figure reflects the rising investor in the project and the eager anticipation from the crypto community ahead of the launch of its staking program.
🚀💰 SOLD OUT! $6,050,000 Raised! 🎉🌐
Thanks to our community's overwhelming support! The $BTC20 presale has officially sold out, raising a staggering $6,050,000! 🙌🎊
We can't wait to embark on the next phase of our journey with you all. Stay tuned! 🔄#PresaleSuccess #BTC20… pic.twitter.com/GpPqd3hVWu
— BTC20 (@BTC20Token) July 29, 2023
Users who missed the presale can connect their crypto wallet to purchase BTC20 tokens from the official website.
BTC20 Staking
BTC20 employs a staking mechanism to create a passive income system for stakes in its ecosystem. According to an official announcement on Twitter, staking will begin on August 9 at 3 pm UTC, and claiming tokens will start on August 10 at 3pm UTC.
📅 Staking & Claiming Dates Confirmed💰
🚀 We're thrilled to announce the highly anticipated dates for #Staking and #Claiming your $BTC20 #Tokens!
🗓️ Staking will kick off on 9th August at 3pm UTC🕒
🗓️ Claiming goes live on 10th August at 3pm UTC 🕒
Mark your calendars and… pic.twitter.com/lM8tsdtmvF
— BTC20 (@BTC20Token) August 3, 2023
The maximum supply of BTC20 is 21 million tokens, similar to Bitcoin’s full supply. However, as a more energy-efficient method of securing an ecosystem, staking makes BTC20 a green cryptocurrency. Users who stake their tokens to provide liquidity will earn staking rewards.
Additionally, staking rewards for BTC20 are controlled by a smart contract that will adjust each wallet’s rewards and APY based on their percentage in the staking pool.
Also, BTC20 will undergo halving events similar to Bitcoin to reduce its block rewards by 50% every four years. The first halving event will occur in 2027 and reduce the reward for stakes from 50 BTC20 tokens per block to 25.
The strong ecosystem tokenomics confirm that the project will likely increase in value over time.
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