PancakeSwap (CAKE) Price Prediction 2022 — Will CAKE Hit $7 Soon?
Bullish CAKE price prediction is $4.712 to $9.349.
PancakeSwap (CAKE) price might also reach $7 soon.
Bearish CAKE price prediction for 2022 is $2.598.
In PancakeSwap (CAKE) price prediction 2022, we use statistics, price patterns, RSI, RVOL, and other information about CAKE to analyze the future movement of the cryptocurrency.
PancakeSwap (CAKE) Current Market Status
According to CoinGecko, the price of PancakeSwap (CAKE) is $3.97 with a 24-hour trading volume of $22,079,489 at the time of writing. However, CAKE has increased by nearly 0.71% in the last 24 hours.
Moreover, PancakeSwap (CAKE) has a circulating supply of 161,121,659 CAKE. PancakeSwap (CAKE) trades in cryptocurrency exchanges such as Binance, PancakeSwap, FMFW.io, LBank, Huobi Global, KuCoin, and Bybit.
What is PancakeSwap (CAKE)?
A decentralized finance (DeFi) protocol called PancakeSwap is an automated market maker (AMM) that enables users to trade tokens, leasing out liquidity in exchange for commissions. It was launched in 2020 and is a decentralized exchange for trading BEP20 tokens on Binance Smart Chain. Users of PancakeSwap can trade against a liquidity pool using an automated market maker methodology. Users fill these pools by contributing money, in exchange for which they are given liquidity provider (LP) tokens.
Token swaps, liquidity, provision and farming, staking perpetual trading, lottery, NFT marketplace, and launchpad are the various features that PancakeSwap offers to its users. It is one of the few DEXs that gives users access to a range of financial products in a single interface for a more well-rounded DeFi experience.
Users of PancakeSwap can additionally farm the additional tokens – CAKE and SYRUP. Users can deposit LP tokens, looking them up in a process that rewards users with CAKE. Users can bet CAKE tokens to acquire SYRUP, which also serves as a governance token within the exchange.
PancakeSwap (CAKE) Price Prediction 2022
PancakeSwap (CAKE) holds the 61st position on CoinGecko right now. CAKE price prediction 2022 is explained below with a daily time frame.
CAKE /USDT Ascending Triangle Pattern (Source: Tradingview)
The above chart of PancakeSwap (CAKE) laid out an Ascending triangle pattern. The ascending triangle is a characteristic pattern of an ongoing bullish trend. This triangle is formed by a horizontal upper trendline that connects the highs and the lower trendline that connects the rising lows. If the trend breakout at the resistance level, the price will continue to move up in this ascending triangle pattern.
Currently, PancakeSwap (CAKE) is in the range of $3.97. If the pattern continues, the price of CAKE might reach the resistance levels of $5.584 and $9.581. If the trend reverses, then the price of CAKE may fall to $3.610 and $2.519.
PancakeSwap (CAKE) Support and Resistance Levels
The chart below shows the support and resistance levels of PancakeSwap (CAKE).
CAKE /USDT Support and Resistance Levels (Source: Tradingview)
From the above daily time frame, we can clearly interpret the following as the resistance and support levels for PancakeSwap (CAKE).
Resistance Level 1$4.712Resistance Level 2$6.617Resistance Level 3$9.349Support Level 1 $3.555Support Level 2 $2.596CAKE Resistance & Support Level
The charts show that PancakeSwap (CAKE) has performed a bullish trend over the past month. If this trend continues, CAKE might run along with the bulls overtaking its resistance level at $9.349.
Accordingly, if the investors turn against the crypto, the price of PancakeSwap (CAKE) might plummet to almost $2.596, a bearish signal.
PancakeSwap (CAKE) Price Prediction 2022 — RVOL, MA, and RSI
The Relative Volume (RVOL) of PancakeSwap (CAKE) is shown in the chart below. It is an indicator of how the current trading volume has changed over a period of time from the previous trading volume. Currently, the RVOL of CAKE lies below the cutoff line, indicating weak participants in the current trend.
CAKE /USDT RVOL, MA, RSI (Source: Tradingview)
Also, the Moving Average (MA) of PancakeSwap (CAKE) is shown in the chart above. Notably, PancakeSwap’s (CAKE) price slightly lies below 50 MA (short-term), so it is in a downtrend. Currently, CAKE has entered a bullish state. Therefore, there is a possibility of a reversal trend of CAKE at any time.
Meanwhile, the relative strength index (RSI) of the CAKE is 47.74. This means that PancakeSwap (CAKE) is nearly in an oversold state. However, this means a major price reversal of CAKE may occur in the upcoming days. So, traders need to trade carefully.
PancakeSwap (CAKE) Price Prediction 2022 — ADX, RVI
Let us now look at the Average Directional Index (ADX) of PancakeSwap (CAKE). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. This system attempts to measure the strength of price movement in the positive and negative directions using DMI indicators with ADX.
CAKE /USDT ADX, RVI (Source: Tradingview)
The above chart represents the ADX of PancakeSwap (CAKE). Currently, the ADX of CAKE lies in the range of 8.600 and thus, it indicates a weak trend.
The above chart also represents the Relative Volatility Index (RVI) of PancakeSwap (CAKE). RVI measures the constant deviation of price changes over a period of time. The RVI of CAKE lies below 50, indicating low volatility. In fact, the RSI of PancakeSwap (CAKE) is at 47.74 thus confirming a potential sell signal.
Comparison of CAKE with BTC, ETH
The below chart shows the price comparison between Bitcoin (BTC), Ethereum (ETH), and PancakeSwap (CAKE).
BTC Vs ETH Vs CAKE Price Comparison (Source: Tradingview)
From the above chart, we can interpret that the price action of CAKE is similar to BTC and ETH. This indicates that when the price of BTC and ETH increases or decreases, the price of CAKE also increases or decreases respectively.
PancakeSwap (CAKE) Price Prediction 2023
If the declining price action completely slows down in momentum and the trend reverses, PancakeSwap (CAKE) might probably attain $12 by 2023.
PancakeSwap (CAKE) Price Prediction 2024
With several upgrades in the network, PancakeSwap (CAKE) might enter a bullish trajectory. If the coin grabs the attention of major investors, CAKE might rally to hit $17 by 2024.
PancakeSwap (CAKE) Price Prediction 2025
If PancakeSwap (CAKE) sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 7 years, CAKE would rally to hit $19
PancakeSwap (CAKE) Price Prediction 2026
If PancakeSwap (CAKE) sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 4 years, CAKE would rally to hit $21.
PancakeSwap (CAKE) Price Prediction 2027
If PancakeSwap (CAKE) sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 5 years, CAKE would rally to hit $24.
PancakeSwap (CAKE) Price Prediction 2028
PancakeSwap (CAKE) holds up a strong stance as a better investment option for the next 6 years amid the trends in the highly-volatile crypto market. By driving significant price rallies, CAKE would hit $27 in 2028.
PancakeSwap (CAKE) Price Prediction 2029
If investors flock in and continue to place their bets on PancakeSwap (CAKE), it would witness major spikes. CAKE might hit $30 by 2029.
PancakeSwap (CAKE) Price Prediction 2030
With greater advancements in the Basic Attention TokenEcosystem, the crypto community might continue to invest in CAKE for the next 8 years and drive significant price rallies for the token. Hence, PancakeSwap (CAKE) might hit $33 by 2030.
Conclusion
With continuous improvements in the PancakeSwapNetwork, we can say that 2022 is a good year for CAKE. For this reason, the bullish price prediction of PancakeSwap (CAKE) in 2022 is $9.349. On the other hand, the bearish price prediction of PancakeSwap (CAKE) price prediction for 2022 is $2.596.Furthermore, with the advancements and upgrades to the Basic Attention Token ecosystem, the performance of CAKE would help to reach above its current all-time high (ATH) of $43.96 very soon. But, it might also reach $7 if the investors believe that CAKE is a good investment in 2022.
FAQ
PancakeSwap(CAKE) is the native utility token of PancakeSwap. PancakeSwap is a decentralized exchange (DEX) native to the Binance Smart chain.
Pancake Swap (CAKE) has been listed on many crypto exchanges which include Binance, PancakeSwap,FMFW.io, Bitrue, Gate.io.
With the ongoing developments and upgrades within the PancakeSwap platform, PancakeSwap (CAKE) has a high possibility of reaching its ATH soon.
On April 30, 2021 PancakeSwap (CAKE) reached its new all-time high (ATH) of $43.96.
PancakeSwap (CAKE) seems to be one of the top-gaining cryptocurrencies this year. According to the recorded achievements of PancakeSwap in the past few months, CAKE is considered a good investment in 2022.
PancakeSwap (CAKE) is one of the active cryptos that continues to maintain its bullish state. Eventually, if this bullish trend continues then PancakeSwap (CAKE) will hit $7 soon.
PancakeSwap (CAKE) price is expected to reach $12 by 2023.
PancakeSwap (CAKE) price is expected to reach $19 by 2024.
PancakeSwap (CAKE) price is expected to reach $21 by 2025.
PancakeSwap (CAKE) price is expected to reach $25 by 2026.
Disclaimer: The opinion expressed in this chart is solely the author’s. It does not interpret as investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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Filed under: Bitcoin - @ December 10, 2022 1:00 pm