The post Can PancakeSwap [CAKE] extend its rally after reclaiming $1.5? appeared on BitcoinEthereumNews.com.

PancakeSwap [CAKE] enjoyed a bullish performance in recent days. It noted a 13% rally over the past week, and was up 8.2% in 24 hours. These gains came after a month-long consolidation around the $1.2-$1.3 area. CAKE had been trading within a range for most of the past 15 months. At the time of writing, it had managed to work its way back within the range. Can the bulls keep the run going? Dissecting the long-term downtrend Source: CAKE/USDT on TradingView The $1.5 horizontal level has been an important support/resistance since July 2023. In fact, the price action of the past year showed that CAKE bulls were weak. Moreover, for more than half a year, when Bitcoin [BTC] was making new all-time highs and comfortably above the $100k mark, CAKE struggled to breach the $3 resistance. Even when it did, its breakout was curtailed at the $4.2-$4.6 supply zone that has been in place since May 2022. In other words, holders were eager to take profits, and there was not enough demand to keep the move going. Swing traders and investors buying CAKE at “value areas” such as $1.3 should remember this threat from profit-taking activity when prices approach key long-term resistances. The closest one was the mid-range level at $2.16. This was the swing point on the 3-day chart that needs to be broken to flip the PancakeSwap token trend bullishly on the higher timeframes. The strong short-term bullishness for CAKE Source: Coinalyze In the past 24 hours, Open Interest behind CAKE perpetual contracts has increased by 28%. Speculators were eager to trade on the strong momentum of the altcoin. The rising Spot CVD indicated firm spot market demand and hinted at a sustainable short-term move. Source: CAKE/USDT on TradingView The $1.5 and $1.6 levels were the key nearby…

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Filed under: News - @ March 16, 2026 11:26 pm