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Will PancakeSwap (CAKE) Stay above $4 through the Weekend?

Posted Friday, December 9, 2022 by
Timothy St. John • 2 min read

Crypto token PancakeSwap (CAKE) has had a busy year, but December has been slightly volatile for the coin. The CAKE rate is at $3.96 (CAKE/USD) today, which is up about 1% from yesterday. This sub-$4 price point has been the norm for PancakeSwap this week, but will it continue?

Is $4 the New Resistance Level?

PancakeSwap has had some trouble staying above $4 over the last 30 days. However, it is only recently the coin has dropped below that mark for any length of time. However, as close as the CAKE price is to $4, we think it will not be long before it rises above that mark again and possibly stays above it for an extended period.

The coin has been on a lot of people’s radars over the last few months, with a few price spikes that have pushed it higher and higher in the cryptocurrency market rankings. The coin is now ranked #60 overall and may go higher if its mainstream appeal continues to improve.

We do not expect the $4 level to hold CAKE’s movement back for long at all. The coin should pass that level later today and may stay above there through much of the week.

Is CAKE Ripe for Investment?

If you look at this token’s trajectory over the last 30 days, you will see that it is up right now. The average price point over that period has been around $3.85. The past couple weeks have shown relative stability, which could mean that CAKE is poised to go higher and then retain some of its gains.

This could be an excellent time for traders to invest, especially with PancakeSwap making waves in the market over the past few months with its success. The coin is up from where it was at the middle of the year (around $2.75). Most analysts expect it to continue to defy what a lot of the rest of the market is doing and just keep on climbing.

If you are looking for an investment that is not as volatile as some of the other major crypto players and that might get overlooked for now, PancakeSwap is worth a your attention.

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