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CAKE has enjoyed significant gains over the past 24 hours despite a slight dip in the broader cryptocurrency market. After bitcoin touched $58K yesterday, it slumped to the current levels of $55K, causing dips across the entire market. However, CAKE has remained unaffected by this downtrend, and it is trading in the green zone.
CAKE is trading at $20.42 at the time of writing after a 10.7% gain in 24 hours.
CAKE Price Analysis
CAKE’s volatility over the past few weeks has been high. Despite the bullish sentiment across the market in the past few days, the altcoin has still witnessed sharp falls. However, it is currently among the few altcoins still trading in the green zone while other coins are falling.
If buyer support continues paving the way for more gains, the coin will head to the next immediate resistance of $21. If it reaches these levels, the next resistance zone will be at $23 and $25. Such highs will be possible if support from the broader market kicks in again and the entire market moves towards the green zone.
On the downside, the lack of broader market support could cause a dip in CAKE’s prices, where the coin will retreat to the lows of $$19. During the past 24 hours, the coin tested this support but moved towards the current highs. Further dips could also lead to the coin dipping to the lows of $18.
PancakeSwap is one of the most common platforms in decentralized finance (DeFi). The DeFi sector has enjoyed remarkable growth this year, which has led to the growth of Pancake Swap in both value and popularity. Besides, the platform also offers a decentralized exchange that lists most of the new coins in the market, thus giving the coin an edge in the rapidly growing sector.
Where to Buy Panecakeswap
To buy CAKE during the current bullish rally, you can create a cryptocurrency account on the following exchanges:
- eToro
eToro is one of the largest exchange platforms. It offers support to a wide range of cryptocurrencies and trading pairs, making it convenient for traders to use. eToro also charges low trading fees and commissions.
Update 2024 – Going forward, the only cryptocurrencies eToro customers in the United States will be able to trade on the platform will be Bitcoin, Bitcoin Cash and Ethereum.
- Binance
You can buy CAKE from Binance. Binance is the largest exchange platform, which offers high liquidity that facilitates faster traders. Binance charges low trading fees, and it offers user-friendly features that make the exchange easy to use.
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