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Since PancakeSwap (CAKE) hit an all-time high (ATH) in May 2021, the CAKE price has been trending lower on the long-term chart. The price dipped to $2.37 in June 2022 and has been trying to recover ever since. However, CAKE remains bearish in the long term and may continue the same trajectory in tandem Bitcoin price movement.
In recent weeks, however, CAKE has shown signs of improvement, with the price steadily rising from the June 2022 low. In recent months, the CAKE price has risen around 100% to record a high of $5 at the end of September. CAKE posted another rise of around 8%, but it was not enough to create a new high.
Pancakeswap is positive on fundamentals
The recent rise in the price of Pancakeswap is primarily attributed to the recent Community Initial Agricultural Offering (cIFO), which gave long-term Pancake hodlers early access to invest in new projects. cIFO also increased engagement within the CAKE community and with the entire PancakeSwap ecosystem, while at the same time increasing demand for CAKE tokens.
👉 Join the next IFO: https://t.co/GbmwKt0w1s
— PancakeSwap 🥞 #BSC (@PancakeSwap) October 7, 2022
Consequently, the number of mentions of PancakeSwap on social media increased by almost 100% in the days following cIFO’s announcement, indicating the level of impact cIFO has had on the crypto community.
Consequently, the decentralized exchange (DEX) token has risen recently despite the prevailing bearish market conditions. However, on the other hand, recent PancakeSwap NFTs failed to amass adequate funds, which was a significant sign of the declining interest in NFTs among cryptocurrency enthusiasts. Due to the failed NFT sales, the token price began to pull back south as key support structures were broken.
Pancakeswap Price Set to Rally to $4.30
On the 12-hour chart, it can be seen that the CAKE price action has led to the emergence of a Pennant chart pattern with converging trend lines during the consolidation period. A pennant chart pattern is a continuation chart pattern that occurs when a token experiences a large move up and down, before briefly consolidating and continuing in the same direction.
Looking at the volume on the Pennant, the consolidation period for the initial move has lower volume, indicating that the next likely price action will be a breakout move in the same direction and on higher volume.
Once the breakout occurs, it will be the ideal entry point for traders looking to enter new long or short positions. The upper trend line (resistance) of the pennant also corresponds to the reaction highs. Traders should watch for a break of these levels as a buying opportunity and potentially profit from the subsequent breakout.
At the time of writing, CAKE was trading at $3.95 on CoinGecko, up 0.5% in one hour and down 0.2% in the last 24 hours.
CAKE/USD 12-hour chart
CAKE is trying to cross both the 9-period EMA and the 21-period EMA to the upside, which suggests bullish sentiment. If buyers increase their momentum, PIE the price will break the resistance level of $4.14, which could cause the price to rise 7.47% to $4.30. However, if the sellers fight the buyers at the $4.0 level, the price can decline, breaking the support level of $3.80, which can reduce the CAKE price by 7.50% to $3. .62.
What way ahead?
When CAKE reached $5 last week, the RSI on the 12-hour chart was nearing 70 just before the price turned down. The Relative Strength Index (RSI) is currently at 50, indicating that the PIE market is in a neutral position.
The Parabolic SAR indicator is positive, showing that the CAKE price could rise as demand pressure increases. The indicator tracks the Pancakeswap price, which supports the uptrend thesis and is therefore a potential entry point for traders.
However, its pace is slow, which suggests the slow movement of the CAKE price as bulls and bears fight for control.
However, given the slow nature of the Parabolic SAR (determined by the closeness of the blue dots), CAKE prices can move in either direction. The cryptocurrency remains very volatile as FUD across the entire cryptocurrency market remains high.
Promising tokens in pre-sale
With CAKE preparing for the price increase, interest in Calvaria and RobotEra is skyrocketing.
Calvaria is an upcoming Ethereum-based play-to-earn (P2E) gaming platform that offers players the opportunity to compete in P2E combat for real money. With betting pools, NFT cards and mods, and a decentralized structure, Calvaria offers players a remarkable sense of responsibility over the game while providing a new environment for it (DAO).
Play-to-Earn (P2E) gaming takes place beyond the veil of death. It provides an avenue for players to duel, earn and upgrade their game cards and become the ultimate force on the battlefield. You can buy $RIA with Ethereum (ETH) or stablecoins before the price rises after the pre-sale.
The Calvaria RIA token will be tradable starting in Q4 2022 after landing on the centralized and decentralized exchanges once the pre-sale concludes. Calvaria’s pre-sale began on October 10, 2022 and shortly after the first stage of its pre-sale concluded.
RIA is an ERC-20 token that powers the NFT-based P2E battle card game. Based on the current market sentiment and the potential of this P2E crypto, the Calvaria RIA token is very promising. Judging by Calvaria’s merits for its first pre-sales, there is a bullish case for pre-sales of projects like Tamadoge and IBAT thriving despite the bear market.
Investors are also drawn to Calvaria because it is a utility crypto. RIA is within an asset class that the crypto market desperately needs to experience a significant revival. Uniswap is likely to become the first DEX to list Calvaria.
Calvaria is currently offering a giveaway, an opportunity for you to earn $100,000 in $RIA.
New Calvaria Giveaway! 💰
Calvaria presents an opportunity to earn $100K worth of $RIA! 😍
Join the competition here and win: https://t.co/b120uwNeje
— Calvaria: The presale is live! ✨ (@CalvariaP2E) October 25, 2022
The project is currently in pre-sale at stage 5 with 1 USDT buying up to 30.77 RIA. Up to 70% of the tokens have already been sold at this stage, so don’t miss out on the remaining 30% for any reason.
RobotEra is an exciting new multiverse cryptocurrency project designed to allow gamers to create a colorful and immersive virtual reality experience. The project is building a sandbox-like planet-rebuilding metaverse where players become robots and can manage their land while participating in the creation of the world. Players can also acquire resources from the earth and create robotic companions to interact in the multiverse.
To participate in the multiverse, users must purchase a RobotEra NFT, which serves as their in-game avatar when they first log in. The RobotEra multiverse is powered by the $TARO token and has already been rated as one of the best sellers of 2022. Players can purchase the TARO token directly with their USDT or by using ETH in their wallets.
The RobotEra pre-sale gives players the chance to get into TARO at the lowest possible price.
📣 Calling all cryptocurrency lovers! 📣
🔥 The Robotera presale is already active! 🔥
—RobotEra (@robotera_io) November 9, 2022
Consequently, after the token is listed on exchanges, the price of TARO is expected to increase significantly compared to its purchase rate in the pre-sale stages. Once the public pre-sale ends, you can use the claim page to claim your purchased TARO. Enter the RobotEra pre-sale ground floor by purchasing your $TARO tokens today!
Dash 2 Trade – High Potential Early Sale
- Active pre-sale live now – dash2trade.com
- Native token of the cryptographic signal ecosystem
- KYC verified and audited
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