Is PancakeSwap (CAKE) a good buy opportunity at the current price?

Is PancakeSwap (CAKE) a good buy opportunity at the current price?

The cryptocurrency market is advancing this trading week, Bitcoin has stabilized above $60000, Ethereum is trading very close to $4000 resistance, and this situation also supports the price of PancakeSwap CAKE/USD. In less than several days, the price of this cryptocurrency has advanced from $16.8 above $24, and the current price stands at $20.

Decentralized platform

PancakeSwap is a decentralized platform that runs on Binance Smart Chain and allows you to trade any token by connecting your wallet. PancakeSwap doesn’t hold your funds when you trade and has lower transaction costs than other top decentralized exchanges.

You have 100% ownership of your own crypto if you trade on PancakeSwap, which is not the case with centralized exchanges like Binance or Coinbase. It is important to say that almost 3 million users have made more than forty million trades in the last thirty days on this decentralized platform.

CAKE is a token that powers the PancakeSwap ecosystem, and CAKE holders are able to earn millions of USD worth of free tokens each week from major projects. You can pledge your CAKE to offer liquidity for crypto trading while PancakeSwap allows you to trade directly from your wallet app.

Besides this, you can use CAKE to vote on proposals, mint NFTs, and join as many as 11,000 daily players to buy tickets in the PancakeSwap Lottery. PancakeSwap is continuously working on new features and options, which are very important for expanding its ecosystem. The team of PancakeSwap reported:

We rolled out our new, mobile-first navigation system for the site. Now it’s way easier to get around the site and find what you need…, especially for mobile users.

PancakeSwap is a project with big potential; the popularity of this decentralized platform is rising across the globe, while more and more exchanges are offering CAKE cryptocurrency. The liquidity of this coin has risen dramatically; CAKE has advanced above $24 this Thursday, while the current price stands at $20.

The price of this cryptocurrency could easily advance above $25 resistance if the current trend continues; still, if you decide to trade PancakeSwap (CAKE) in the upcoming days, you should use a “stop-loss” order because the risk remains high.

$25 represents important resistance

PancakeSwap (CAKE) is trading above $20 this Saturday and if you decide to buy this cryptocurrency in October 2021, you should consider that the price could also weaken from the current levels.

Data source: tradingview.com

If the price jumps above $25 resistance, it would be a signal to trade CAKE, and the next price target could be around $30. On the other side, if the price falls below $15 support, it would be a firm “sell” signal and possibly a trend reversal sign.

Summary

PancakeSwap is a decentralized platform with low transaction costs that allows you to trade any token just by connecting your wallet. PancakeSwap (CAKE) is trading above $20 this Saturday, and if the price jumps above $25 resistance, the next price target could be around $30.

The post Is PancakeSwap (CAKE) a good buy opportunity at the current price? appeared first on Invezz.

Publication date: 
10/16/2021 - 10:55
Author: 
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.