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PancakeSwap has written on Twitter that it’s implementing cutting-edge technology and the scalable resource of Google Cloud to revolutionize trading for decentralized finance users (DeFi). Following this event, the native token powering the PancakeSwap platform, $CAKE, has experienced dramatic price movements in the short term.
Comparing CAKE’s price in the last seven days, the token was down by 1.94%, but it’s green today, July 13, up by 0.93% at the time of writing. Furthermore, the trading volume has shot up by 17.9%, representing heightened trading activities in the last 24 hours.
While CAKE is currently valued at $1.50, some crypto analysts predict a prolonged bullish trend amid persistent fluctuation, expecting a maximum of $5.88 and a minimum of $4.56 at the end of July 2023.
Nevertheless, the subsequent technical analysis for CAKE could hint at what to expect in the short and long term.
CAKE Bulls Pushing Price Above Short-Term SMA
The chart above indicates a short-term bullish and long-term bearish market for PancakeSwap (CAKE).
The Moving Average Convergence/Divergence (MACD) indicator is above the signal line with a bold green histogram bar, suggesting potential rallies for CAKE’s price.
While the coin is trading below its Simple Moving Average (SMA), a short and long-term bearish sentiment, it’s a few pips below the 50-Day SMA, suggesting a bullish outcome in the short period.
Moreover, the Relative Strength Index (RSI) is at 48.86, a neutral market position between the oversold (below 30) and overbought zone (above 70).
The RSI points upward, confirming the increase in CAKE’s trading volume. As such, further upward movement of the RSI could make the coin gains more, thus successfully breaking above the 50-Day SMA and taking up the short-term bullish momentum in the coming days.
PancakeSwap Support And Resistance Levels
PancakeSwap (CAKE) has support levels at $0.5964130 and $1.3166813. In contrast, its resistance levels are $1.7921636 and $2.4983422.
CAKE is above its most substantial support level at $1.3166813, indicating price gains and possibilities of fluctuations. However, its resistance levels show that the coin still has a long way to rally before its price stalls.
Why CAKE Could Gain More Market Value?
While PancakeSwap (CAKE) is subject to several factors ranging from the laws of supply and demand to regulatory crackdowns, one notable factor that could fuel its price growth is the implementation of Google Cloud solutions.
Here’s how!
CAKE Implements Google Cloud to Revolutionize Trading
The prominent Decentralized Exchange (DEX) platform, PancakeSwap, has made a significant advancement toward facilitating uninterrupted availability and seamless trading for individuals using decentralized finance (DeFi).
PancakeSwap teamed up with a Google Cloud partner, Helix Technologies, to revolutionize trading, recognizing the importance of using reliable infrastructure for maintaining high availability and increasing traffic via Google Cloud solutions.
🤝 PancakeSwap is revolutionizing trading with @GoogleCloud!
🌎 With Google Cloud's cutting-edge technology and scalable resources, PancakeSwap empowers users worldwide to trade securely, anytime, anywhere.
📚Dive into the details and witness how PancakeSwap leverages Google… pic.twitter.com/EeTHLWbwAu
— PancakeSwap v4🥞 (@PancakeSwap) July 10, 2023
According to @PancakeSwap, July 10, on Twitter, PancakeSwap’s implementation of Google Cloud’s scalable resources and state-of-the-art innovation will empower users across the globe to trade securely from anywhere and at any time.
This will bring a revolutionized trading experience for all users of this DEX platform and other DeFi users.
Considering the solutions, convenience, and seamless trading experience PancakeSwap and DeFi users will encounter from this partnership, trading activities will likely surge, increasing CAKE’s trading volume.
Since the increase in trading volume can affect the market value of crypto, an increase in trading volume for CAKE could lead to a potential price surge in the long run.
Ecoterra ($ECOTERRA) To List Shortly, Promising Early Investors Huge Gains in Return
The presale fundraising campaign for Ecoterra’s token ($ECOTERRA) has just ended, boasting over $6.2 million in funds. As notified on the presale widget, claiming and trading the tokens opens on July 14, 2023, at 10:00 UTC.
ECOTERRA will start trading on LBANK, UNISWAP, and BitMart, enabling the token to reach more investors quickly. Considering the presale performance of the token so far, many crypto enthusiasts expect ECOTERRA to surge as well once it hits the market.
Besides the presale performance, the utility of the token, and the aim of its ecosystem, Ecoterra could drive dramatic growth for ECOTERRA in the long run.
Ecoterra (ECOTERRA) aims to promote environmental sustainability and conservation efforts through its blockchain platform. It intends to address the growing concern for ecological issues and create a more sustainable future.
The core principle of Ecoterra is to provide a decentralized solution for funding and supporting various ecological initiatives. It leverages blockchain technology to enable transparent and efficient transactions while ensuring the integrity and traceability of environmental projects.
One of the distinctive features of Ecoterra is its focus on real-world impact, encouraging individuals and organizations to keep the environment friendly. With its Recycle2Earn technology, users can earn in crypto (ECOTERRA) for recycling waste products.
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