• PancakeSwap price aims for a recovery above $20 in the near future.
  • The decentralized exchange holds over $4 billion in liquidity.
  • Only one key resistance level separates CAKE from new all-time highs.

PancakeSwap has finally beaten Uniswap in terms of total value locked, reaching $4 billion in the past 24 hours. The decentralized exchange has quickly exploded in popularity due to the significant increase in gas fees on the Ethereum blockchain. 

PancakeSwap price on the brink of a 71% breakout

On the 4-hour chart, CAKE has established a symmetrical triangle pattern with a resistance trendline formed at $13. A breakout above this key level will drive PancakeSwap price towards $21.7, a 71% move above the previous all-time high of $21.45. 

Considering how close to the upper boundary CAKE is, a breakout seems more likely. Additionally, TokenPocket has just announced a partnership with PancakeSwap. Users can stake CAKE to earn TPT or stake TPT or TPT-BUSD to earn cake.

PancakeSwap is also holding an IFO (Initial Farming Offering) for YieldWatch, a platform that helps users keep track of their DeFi farming platforms. 

On the other hand, rejection from this level will force CAKE down to the lower boundary of the pattern at $9. A breakdown below this level will also drive the digital asset by 71% towards $2.6.     

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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