Pancakeswap was the best-performing top 100 cryptocurrency last week when the volume in its ecosystem increased.
Pancake wap (cake) token has been with almost 50%for the past seven days. It acted on Sunday $ 2.57, an increase of 125% compared to the lowest level this month, giving it a market capitalization of more than $ 767 million.
Pancakes WAP DEX VOLUME HUITS $ 1 trillion
Defi Lama -Data Show that the total volume of Pancakeswap has risen by 64% to $ 28.23 billion in the last seven days, the best performance since November 2021. It has also taken an important milestone: the historical volume reached $ 1 trillion.
The volume of pancakeswap reversed other popular players in the Dex industry such as Raydium (Ray) and Uniswap (Uni). Uniswap treated $ 15.3 billion, while the volume of Raydium was more than $ 11 billion.
Other large Dex kills in the Binance Smart Chain ecosystem also had a strong week. The weekly volume of thena rose by 82% to $ 1.5 billion, while Dodo and Woofi jumped by 53% and 125% respectively.
The Dex volume of Pancakeswap has translated into higher costs for the exchange. The total reimbursements this year rose Up to $ 64 million, which brought the total of 365 days to $ 274 million. It has become one of the most profitable players in the Defi industry.
The network did well because of the growing BSC Meme Coin Ecosystem. One of the most popular meme coins was Broccoli, inspired by the dog of Changpeng Zhao.
Cake Price Analysis
The daily graph shows that the cake price became parabolic after a low of $ 1,1855 earlier this month. This was a remarkable level because it was the lowest level in August last year.
It is also a sign that token has formed a double bottom pattern with the neckline of which is $ 4,5856, the highest level on December 4. A double bottom is one of the most bullish hit list patterns on the market.
Pancake Prize has moved above the exponential advancing averages of 50 days and 200 days. It also forms a bullish pattern, a popular continuation sign.
That is why the path of the least resistance to the Cake Munt price Bullish, where the first target this week is $ 3,4185, is the highest level. A break above that level will indicate more top, with the next point to look like $ 4,5856, the neckline with double bottom and the ultimate resistance of the Murrey Math Lines tool.
