By Nathan Ferguson
- The crypto market appears to advance rapidly.
- CAKE had surged beyond $24 on Thursday.
- $25 serves as a critical resistance level.
The crypto markets have retained a positive outlook over the past sessions, BTC stabilizing beyond $60,000 as Ethereum nears the resistance at $4,000. The impressive actions by the leading coins supported PancakeSwap (CAKE/USD). The coins surged from $16.8 to $24 in less than a week. While writing these updates, CAKE trades at $20.
About PancakeSwap
It is a decentralized ecosystem running on BSC (Binance Smart Chain). The platform allows users to trade the token of their choice by connecting their digital wallets. The best thing with PancakeSwap is that it has low transactions charges compared to most to DEXs. Moreover, it does not hold your money.
When you use PancakeSwap to trade, you fully own your cryptocurrencies, unlike centralized exchanges such as Coinbase or Binance. Remember, nearly 3 million users completed over 40 million traders using PancakeSwap DEX in the past month.
CAKE is the native token by the PancakeSwap network, and the token holders can earn USD worth millions as free tokens every week from main projects. Users can also pledge their CAKE to provide crypto trading liquidity. Moreover, PancakeSwap allows crypto fans to trade directly from their wallets.
Moreover, holders can use CAKE to mint NFTs, propose voting, and join up to 11,000 daily market players to purchase PancakeSwap lottery tickets. The network improves its platform with new options and features to expand the ecosystem.
PancakeSwap shows high potential as its decentralized platforms aim to achieve global acceptance. That comes as more exchanges list CAKE crypto. Also, the token’s liquidity rose dramatically. Though standing at $20 for now, CAKE traded beyond $24 during Thursday sessions.
CAKE might advance to test the crucial resistance at $25 if it retains its current trend. If you are planning to invest in CAKE, make sure to utilize the “stop-loss” features due to the high risk. Moreover, the asset might weaken from these price levels. eToro and Capital.com are among the platforms offering CAKE.
Final Thought
PancakeSwap is a DEX platform offering trading services at low transaction charges, and users can trade their favorite assets by connecting their wallets. For now, CAKE hovers at the $20 mark. If it maintains positive movements, it can overcome the resistance at $25 and target $30.