PancakeSwap CAKE/USD has weakened from $11.73 to $5.5 since the beginning of January 2022, and the current price stands at $6.
CAKE is currently down more than 80% from its record level, and the war between Ukraine and Russia keeps traders in a negative mood.
Project with big potential
PancakeSwap is a decentralized platform that runs on Binance Smart Chain and allows you to trade any token by connecting your wallet. This platform was built by a world-class team of engineers, and it is secure enough to manage high-value assets.
PancakeSwap has lower transaction costs than other top decentralized exchanges and doesn’t hold your funds when you trade.
Because of this, users have 100% ownership of the crypto they trade, which is not the case with centralized exchanges like Binance or Coinbase.
The popularity of this decentralized platform is rising across the globe, and it is important to say that PancakeSwap has the most users of any decentralized platform. More than three million users have made more than fifty million trades on this decentralized platform in the last thirty days.
CAKE token is the heart of the PancakeSwap ecosystem, which is more than just a store of value, and it can also be used to mint NFTs, vote, spend, and offer liquidity for crypto trading.
CAKE holders can earn millions of USD worth of free tokens each week from major projects, and they can also join the big number of daily players to buy tickets in the PancakeSwap Lottery.
AMA with Era7, was the last IFO (Initial Farm Offering) project on PancakeSwap in which users could buy brand new tokens using CAKE tokens. Dmitri Prokopenko from the Era7 team said:
Era7 is a Gamefi for the world, and we are targeting users and covering regions all over the world. This means we value crypto players, those who mine and invest within the game, as well as those who play traditional games.
PancakeSwap is a project with big potential; it continuously works on new upgrades while more and more exchanges offer CAKE crypto.
Technical analysis
Technically looking, PancakeSwap (CAKE) remains in a bear market, but the current price level represents good value for what you pay, and maybe now could be a good time to find a good entry point.
If the price jumps above $7.5, it would be a strong “buy” signal, and we have the open way to a resistance level that stands at $10.
The current support level for CAKE stands at $5, and if the price falls below it, the next price target could be around $4 or even below.
Summary
PancakeSwap is a decentralized platform with low transaction costs that allows you to trade any token just by connecting your wallet. PancakeSwap (CAKE) is currently down more than 70% from its record level, but the current price level represents good value for what you pay, and maybe now could be a good time to find a good entry point.
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from Market Analysis – Invezz
