The price of Pancakeswap has returned, rose three consecutive days and reaches the highest level since January 25.
Pancake wap (cake) token rose to a highlight of $ 2,1600, an increase of more than 75% of the lowest level this month, which brought market capitalization to $ 556 million.
The cake -token collected itself when investors expected more volume after the DEX network had expanded its advanced trading aids on arbitrum, linea and basic protocols. These tools, such as Dlimit, that exist on the BSC chain, will help with the implementation of the order.
Pancakeswap has also maintained its market share in the decentralized exchange industry. Defi Lama Data shows that it has dealt with the most volume in the past 24 hours, which means that DEX networks such as Raydium and Uniswap are reversed.
The volume was $ 2.95 billion, while the other two had $ 2.09 billion and $ 1.73 billion respectively.
Pancakeswap has dealt with DEX volume over the past 30 days with a value of $ 90 billion, making it an important place in decentralized finances. The majority of its volume is done in the BSC chain, followed by base and arbitrum.
Pancakes WAP differs considerably from other DEX networks such as Uniswap and Raydium when offering more services. In addition to its SWAP services, it offers yield solutions that are over $ 1.67 billion In assets. It also offers a prediction market where traders bet on the direction of Crypto assets.
Pancakes WAP Price forecast
The daily graph shows that the bottom of the cake at $ 1,1380 last week when most cryptocurrencies crashed. It formed a hammer candlestick pattern, consisting of a small body and a long lower shade.
A hammer is a popular bullish reversing pattern, which explains why it has recently recovered.
Pancakeswap, which was launched by anonymous developers in September 2020, has moved above the retracement level of 78.6% Fibonacci. This retracement is drawn by connecting the lowest level in August last year and the highest point in December.
The challenge, however, is that the price of Pagakeswap has remained under the 50-day Expancential advancing average. It has also not been successful to go above the falling trend line that has connected the highest swing since January 4.
That is why the downward trend will probably continue as long as it remains token under these most important resistance levels.
On the other hand, a rebound above these levels will indicate more profit, possibly at the 50% Fibonacci retracement point at $ 2.90.
Pancake wap work On the Binance Smart Chain and is partially regulated by the community.
