The post CAKE reverses early-2025 downtrend with 46% weekly gains – What’s next? appeared on BitcoinEthereumNews.com.

PancakeSwap has performed impressively over the past two weeks as the market trended lower Rising transactions and 24-hour volume were encouraging signs for this DEX Pancakeswap [CAKE] has gained by 46% over the past week, while Bitcoin [BTC] has shed 1.48% of its value. PancakeSwap’s relative performance can be seen as an encouraging sign for investors and traders. Source: IntoTheBlock The correlations chart revealed that CAKE had a near zero correlation with major assets such as Bitcoin and Ethereum [ETH]. Surprisingly, it does have a +0.79 correlation with Litecoin [LTC], an asset that only recently broke out of a two-year range and flipped $110 to support while lacking a long-term trend. Other encouraging signs for PancakeSwap Source: DefiLlama Since March 2024, the number of active addresses has fallen, with the DEX not regaining those numbers since. However, over the past month, the 24-hour volume traded on the protocol has steadily trended higher, hitting $6.34 billion on 13 February. At the same time, the number of transactions (24-hour) has also risen. Together, this underlined a hike in the DEX’s usage. Source: IntoTheBlock The swift price gains of the past two weeks can be seen as another strong sign of conviction. CAKE’s show of relative strength was accompanied by high buying volume. The global in/out of the money chart revealed that the $2.16-$2.47 region was a support zone. The sizeable CAKE buys in this price range meant that a move below this region would be more difficult. Especially since a good chunk of holders would not be in profit. Source: CAKE/USDT on TradingView The daily price action showed that the market structure shifted bullishly when the price moved above the $2.01-level. Since then, it has proceeded to break the series of lower lows formed since the start of 2025. Finally, the Fibonacci…

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Filed under: News - @ February 18, 2025 7:25 am