Pancakeswap is significantly higher than its opening price. It sees massive increases following key events in its ecosystem.
CAKE continues its upticks after almost two months of tremendous declines. Between Feb. 1 and Feb. 6, it lost a whopping 33%. Recovery started the next day with a small price change. It had one of its biggest surges on Feb. 8, gaining over 20%.
The increase continued with the asset testing its seven-day high the next day, breaking above the $2 barrier. Although it failed to sustain the surge above it, the asset retested it on Tuesday.
The latest price increase saw the token open trading at $1.96 and surge to a high of $2.76. CAKE saw a slight retracement from its peak and trades at $2.55, 30% higher than it started Wednesday.
Binance coin sees a similar price move. It opened trading at $642 but slipped to a low of $627. It surged, breaking $680 for the first time in almost fourteen days. The hike continued with the coin breaking the $700 barrier, peaking at $705.
BNB’s latest increase follows a series of similar hikes in the last six days. One of its most significant happened on Saturday, when there was a massive spike in buying volume, pushing prices from $577 to $634. During that session, BNB gained over 6%.
Pancakeswap Latest Expansion Aids Buyback
Pancakeswap expanded its advanced trading feature to Arbitrum, Linea, and Base. The Orbs’ dLIMIT and dTWAP protocols, limited to the BNB chain, see new integrations into the highlighted chains.
This feature facilitates order execution for traders using the decentralized exchange. Using dLIMIT, users set specific execution prices, giving them more control over their trades. The other feature, dTWAP, helps reduce market impact by breaking large trades into smaller transactions.
It is worth noting that these features were available to just centralized exchanges. Traders are delighted at the introduction of these tools to other blockchains
The integr.ation, which took place in Feb. 6 halted the declines of CAKE and BNB. Investors continued stacking up both assets as they anticipate further volume on PancakeSwap in the coming days.
Their instinct proved true as the DEX registered massive volume on Wednesday. Its trading volume in the last 24 hours was $2.95 billion. It became the most significant market flipping Raydium ($2.09 billion) and Uniswap (1.73 billion). The latest figure brings its total volume in the last thirty days to $90 billion.
CAKE is Overbought
CAKE’s latest surge sees it flip several indicators. The relative strength index has been rising since price recovery started. It recently broke above 70 a few minutes ago, making the asset overbought. An overbought asset shows that the asset may be experiencing peak buying pressure and is due for corrections.
The bollinger band shows that the asset may see further declines. It broke above the upper band a few hours ago. The last time CAKE experienced such a trend, it retraced by over 20%. Based on this metric, the asset may retest the $2.20 mark.
BNB is seeing a similar trend. The altcoin’s latest climb sees it edge closer to the upper band. RSI also surged higher and is currently at 62. It risks declining below $700 if the bulls fail to sustain the ongoing bullish trend.
