The price of PancakeSwap is currently trading below the 200-day simple moving average, which is a key technical indicator (SMA).
On June 22, a Doji candlestick pattern triggered a minor comeback on little volume.
After a period of decline, the CAKE social volume metric suggests a resurgent interest in the digital asset.
PancakeSwap’s price behavior has followed the general pattern of cryptocurrencies, with a large sell-off in May, a moderate consolidation, and a final collapse on June 21-22 to test or undercut the May bottom. CAKE has been guided by the strategically crucial 200-day SMA since June 22, providing scant signals regarding the fresh rally’s long-term viability. For the time being, the DeFi token and cryptocurrencies in general need to show themselves before investors can feel confident in their offers.
The price of PancakeSwap dropped 80 percent from a peak of $47.68 on April 30 to a low of $9.38 on May 23, including a 42 percent drop on May 19. The CAKE comeback on May 24 was a stealthy 40%, but the price behavior after that was ordinary, forming a convoluted peak that finally crashed on June 21 in a 24% dip.
A doji candlestick pattern that formed the next day halted the second PancakeSwap price purge on June 22. Doji patterns are generally regarded as a sign of uncertainty or a stalemate between buyers and sellers. The pattern, on the other hand, can trigger a trend reversal, which can be brief or long-term. The doji was a reversal in this case and is still active, but CAKE has been unable to carry the reversal much beyond the 200-day SMA at $13.50. To achieve a bullish resolution of the trendless price action, PancakeSwap price needs to close above $13.82 on a daily basis to kickstart a new rally and convince CAKE investors of a new opportunity. A trade over the June 23 high of $15.20, which would provide an extra entry price, would confirm the rally.
A trade over the June 21 high of $16.23 would be a third confirmation, allowing PancakeSwap price to challenge the descending 50-day SMA at $18.84 and earn a 36 percent return from the initial trigger price of $13.83. The daily Ichimoku Cloud will limit CAKE’s upside potential.

CAKE/USD chart on a daily basis
CAKE has a good chance of sweeping the May 23 low of $9.38 if PancakeSwap price closes below the June 27 low of $11.55.
The increase in social media volume, as evaluated by Santiment, is supportive of a rally. The amount of mentions of the digital token across 1000 crypto social media channels, including as Telegram groups, crypto subreddits, discord groups, and private trader conversations, is displayed in CAKE social volume. The indicator recently reached its highest point in 2021, surpassing the previous peak in February and breaking the downtrend of the 30 eight-hour SMA. Of course, the Binance news can account for some of the increase, but coverage had already improved prior to the announcement.
It’s vital to remember that mood is a secondary indication, and hence not the most significant factor to consider when making financial selections. Nonetheless, the role of social media in the cryptocurrency market was the narrative of 2021, and without it, many digital assets would have fared much worse.
As a result, a spike in social media traffic shows that CAKE is gaining traction, which could lead to a decisive break over the 200-day SMA and a rally to the 50-day SMA and a 36 percent return.

Santiment – CAKE Social Volume
Because the Binance blockchain has a superior fee structure and faster transaction rates than the Ethereum blockchain, CAKE is the native coin of the PancakeSwap DeFi project. With a market value of $2.49 billion, it is a higher-tier cryptocurrency but not large enough to influence the altcoin space’s development. The price of PancakeSwap requires a collective rally to build on the positive doji candlestick pattern, or it risks recording a new correction bottom.
Finally, the PancakeSwap price has clearly moved on from the Binance news with little repercussions. In fact, after the announcement, it never deviated from the technicals and continues to trade off technicals, implying that the news was a minor issue for CAKE.
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