DeFi tokens are becoming one of the best investments in the crypto sphere. CAKE falls into this category, and just like other DeFi coins currently, it is on an upswing. Last month, Mark Cuban, a billionaire investor, stated that DeFi platforms are the greatest competition for traditional banks because of their potential.
CAKE is trading at $15.18 on major exchanges at the time of writing after an 11.2% gain in the past 24 hours.
CAKE Price Analysis
CAKE is on an uptrend, which has helped the token recover from critical support levels. The coin is currently trading at above the $15 level, making it appear as if bulls have officially resumed. If bulls continue manifesting, we might witness a CAKE rally past $18 and later $20, linking investors to massive gains.
On the other hand, CAKE might fail to hold the current gains, and a downtrend might be reported. A downtrend will manifest when CAKE goes below $12, opening up a new buying position for investors. This buying support might consolidate the prices of CAKE at the current levels.
It looks like CAKE’s bulls have officially resumed, but if more investors come in, it might reach an overbought level, which may cause a price decline. However, if market support persists, CAKE might maintain and go beyond current levels.
Pancake Swap is one of the projects on Binance Smart Chain (BSC). BSC has over 690 projects that are competing for popularity and adoption. However, Pancake Swap is at the top of the chart in terms of the best BSC project. Since its launch, the platform has maintained a stellar performance and attracted many users.
#BSCtoMars 🚀 pic.twitter.com/3ReKQnXECJ
— Binance Smart Chain (@BinanceChain) June 27, 2021
Pancake Swap is also in high demand following the launch of BABYDOGE. As a new token in the market, Baby Doge Coin can only be bought through Pancake Swap. With the volumes of Baby Doge growing by the day, we expect to see more transactions on Pancake Swap, impacting CAKE’s price.
Where to Buy CAKE
For those who want to buy CAKE tokens during the recent gains, the best place would be on the following exchanges:
eToro is a leading crypto exchange that supports a wide array of cryptocurrencies and trading pairs. eToro charges low trading fees and connects its users to advantageous features such as copy trading to boost profitability.
The other exchange that supports CAKE is Binance. Binance is a reliable platform because it has enormous crypto trading volumes. Binance’s trading fees are also low, and it supports many crypto trading pairs.
Looking to buy or trade Crypto now? Invest at eToro!
75% of retail investor accounts lose money when trading CFDs with this provider
Credit: Source link
