The Pancakeswap cake token is the most efficient on the market today, increasing by 21% in the last 24 hours. At the time of the press, the Altcoin is negotiated at $ 2.56.
This rally comes as the cake records its highest daily entrance in a month in the middle of a strong demand and a renewal of investors’ interests in the token.
High cake rockets with $ 3.37 million inputs – more in advance?
The cake price rally is mainly motivated by the sharp increase in commercial activity on the decentralized Pancakeswap (Dex). In the past few days, the platform has experienced a significant increase in daily trading volume, surpassing Ethereum and Solana Raydium Uniswap.
The trend has triggered an increase in demand for a native DEX cake, the cake, causing the value of its two -digit value. The increase in purchase pressure is reflected by the punctual entrances to the token, currently at $ 3.37 million, its highest figure of one day last month.
When an asset records punctual entries, the number of tokens purchased and moved to the ad hoc markets has increased, which indicates an increase in demand. Cake high points entries suggest that investors actively accumulate the asset. If this CO purchase pressureNTINUES, it can stimulate the appreciation of additional prices.
It is a bullish signal, especially since it is accompanied by a positive feeling on the market, as shown in the financing rate of the token, which is 0.0021% to date.
The financing rate is a periodic cost exchanged between long and short traders in perpetual term contracts to maintain the price of the contract aligned on the cash market. A positive financing rate means that long merchants are paying out of uncovered traders, indicating high demand and a hassy market feeling for the cake.
With the increase in entries and growing demand, the performance of cake prices suggest that traders position themselves for more increase. If the request continues at this rate, the token could extend its earnings, attracting even more liquidity in the Pancakeswap ecosystem.
The cake is solid above 20 days EMA – Bulline Momentum constructions
The Cake Rally pushed it considerably above its 20-day exponential mobile average (EMA) which now forms a dynamic support below its price at $ 1.93.
This mobile average measures the average price of an asset during the last 20 days of negotiation. It gives more weight to recent prices, which makes it more sensitive to price movements than a simple mobile average.
When the price of an asset climbs above the 20-day EMA, it signals a bullish momentum, suggesting that buyers control and that the asset can continue its upward trend.
If this trend persists, the cake could extend its trend to $ 2.90.
On the other hand, a resurgence of for -profit activity could prevent this from happening. If the request for cakes is in stands and it loses its recent earnings, its value could dive at $ 2.41. If this level of support does not hold, the price of the token could fall to $ 2.01.
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