Pancake Swap Cake price is at a crucial crossroads despite closing on a high note since last 5 days.
CAKE has been high on crypto investors’ watchlists, gaining one of the top spots on the trending list on CoinMarketCap. As the major crypto market took a sharp turn the previous day, Cake’s price action could not gain much ground as expected.
Social sentiment trend less for pancake swap
Even though PancakeSwap managed to cement its place among the top trending cryptos along with ETH, ADA and APT, the price of CAKE was still down 4% on the weekly charts.
Data from Sentiment highlighted that pancakeSwap weighted sentiment was still negative. Social versions showed no less enthusiasm among the crowd
Nevertheless, there was some momentum from Crypto Twitter as PancakeSwap was the second most mentioned BNBChain project after RichQuake.
It appears that with the price of Pancake Swap still below $4.6, a push above $5 for Cake will require more than just social hype.
cake whale gotta push
Despite the trending status and short-lived fame on Twitter, PancakeSwap still has a long way to go. DEX TVL and market capitalization remained flat, however, saw a slight uptick in prices.
During the past week, PancakeSwap TVL grew from $3.19 billion to $4.15 billion, an increase of nearly 30%. Still, TVL is down 58% from the high of $10 billion seen in November 2021.
The percentage of total stablecoins held by whales with more than $5 million has been falling steadily since June 2022.
A healthy increase in growth activity offers a reversal from the downtrend, which could help cake price action bullish if bulls take control of price action going forward.
At press time, Cake was trading at $4.53, with only a 0.51% daily gain. The $4.6 resistance mark will be the first hurdle that the bulls are likely to push.
Even if the price of Cake has recovered from its mid-June losses that brought the coin closer to 40%, PancakeSwap will still need some retail and whale support for a push above $5. The daily RSI presented an increase in buyers, but the Pancake Swap price still moved in a tight range of $4.30 and $4.60.
For now, with no short-term catalyst in sight, a bearish trade could lead back to the low $4.30 area.
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