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Are the De-Fi ready to pump? A look at Pancakeswap (Cake)

Pancakeswap being ranked at number 37 according to coinmarketcap data is being traded at around $20.04 at the moment. The coin has increased by almost 1.65% within the last 24 hours. The high within this the price reached was $20.29 and the low was marked at $19.49.

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Cake at the moment has a trading volume of around $247,267,845 with an increase of almost 14.39% in the last 24hours. The Circulating supply is now equal to 233,005,514.53 CAKE

Cake reached its all time high back in April where it gained a figure of $44.23 and afterwards the price has retraced back to $9.63 as BTC confluence over this coin was pretty strong. This month an increase of 6.03% has been observed and is expected to increase further in the coming months

The top exchanges for trading in PancakeSwap are currently Binance, Mandala Exchange, FTX, CoinTiger, and Bitget

Technical analysis:

Cake is kind of very bullish in regards to its higher time frame, i.e. monthly and weekly. On a monthly Time frame, the previous month, it did a large engulfing bullish candle, which showed extreme momentum by buyers. This month, An inside bar is mitigating the equilibrium of that engulfing candle. now, this weekly and daily time frame is merely a bigger pattern i.e. a pole flag pattern. Now what the market currently is doing is in a flag phase, and once it breaks to the upside, the second leg can be expected.

Talking overall, at the moment, it is not very ideal to get long, as there are some things which can drive the price lower. The liquidity and breaker point, can cause the price to drive down to at least $16.39, which would result in a liquidity grab, and a mitigation of orders which remain at that level.

Now, this breaker zone is in confluence with the golden ratio of Fibonacci, so a good reaction can be expected from this area. now talking about invalidation and target. In case if price follows the plan accordingly, the above Order Block is a nice place for the target as the price can reject from that. In the way, the level of $23.05 might act as a resistance, as the concept of change of polarity applies there. Talking about the invalidation of this path, if the breaker doesn’t hold the price, a push to the below support can be expected which would grab the liquidity below that support zone.

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