Lower volumes, steady price action – Should you still have CAKE?

So, you were hoping to see some tasty gains after scooping up some CAKE at its recent lows. Now you are wondering whether you made the right choice after it failed to cook up noteworthy gains.

Timeline of Pancakeswap

Pancake Swap (CAKE) maintains a competent hold on the leaderboard of project built on the Binance Smart Chain (BCS). Meanwhile, Kucoin Token (KCS) has raised around $150 million with a $10 billion valuation for the next step in the Web 3.0 world.  Chronoly (CRNO) is attracting top-grade investors from every field and has gained remarkable …

Pancakeswap's new proposal to cap CAKE supply at 750 million while now it has a circulating supply of 300 million so let's read more about it in our latest cryptocurrency news. The DEFI application PancakeSwap released a governance proposal that details a few goals of its native token CAKE.

With claims of having the most users than any decentralized platform with over $4.3 billion in funds, Pancake Swap, on 12 May, published a new governance proposal. It put forth the idea to cap the supply of its native token, CAKE, at 750 million.

Bitcoin moved past the $30k mark in recent hours after finding some support at $28.5k, and this move upward prompted many altcoins to rally. Decentraland saw a 45% rally in recent hours, and EOS flipped its bias toward bullish after a week of intense selling.

PancakeSwap, a decentralized financial (DeFi) app built on Binance Smart Chain that is known for its automated market maker service and distinctive branding, has published a governance plan for the second iteration of its tokenomics road map. Since its inception, the PancakeSwap team's snap decision has received over 11 million CAKE votes, with most participants.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice The previous day's drama notwithstanding, PancakeSwap's token CAKE did have a bullish outlook in late March. The rejection at the $11 area left a sour taste in the mouths of long-term investors of CAKE.

XRP appeared to form a low timeframe range, while STEPN saw a strong bounce from an area of demand. However, the next day or two can be crucial for the crypto market as Bitcoin appeared to stand at a crucial juncture.

CAKE price continues to trade sideways for the past three-session following a dull start to a fresh trading week. The price hovers near the multi-week support area at around $7.50.

Since breaking out from a long-term descending resistance line, PancakeSwap (CAKE) has shown several bullish signs and is attempting to create a higher low. The post PancakeSwap (CAKE) Breaks Out From 309-Day Resistance Line appeared first on BeInCrypto.

The Pancake(CAKE) price resonates within $10 and $7.5 barriers for over a month now, creating a narrow range. However, the consolidation reflected a bearish set-up with double top pattern formation.