PancakeSwap (CAKE) Price Prediction 2023 — Will CAKE Hit $10 Soon?

PancakeSwap (CAKE) Price Prediction 2022 - Will CAKE Hit $10 Soon?
  • Bullish CAKE price prediction is $4.136 to $7.920.
  • PancakeSwap (CAKE) price might also reach $10 soon.
  • Bearish CAKE price prediction for 2023 is $2.486.

In PancakeSwap (CAKE)  price prediction 2023, we use statistics, price patterns, RSI, RVOL, and other information about CAKE to analyze the future movement of the cryptocurrency

PancakeSwap (CAKE) Current Market Status

Current Price $4.52
24 – Hour Trading Volume $92,561,368
24 – Hour Price Change 2.8% up
Circulating Supply 165,471,028
All – Time High $43.96 (On April 30, 2021) 
CAKE Current Market Status (Source: CoinGecko)

What is PancakeSwap (CAKE)?

A decentralized finance (DeFi) protocol called PancakeSwap is an automated market maker (AMM) that enables users to trade tokens, leasing out liquidity in exchange for commissions. It was launched in 2020 and is a decentralized exchange for trading BEP20 tokens on Binance Smart Chain. Users of PancakeSwap can trade against a liquidity pool using an automated market maker methodology.  Users fill these pools by contributing money, in exchange for which they are given liquidity provider (LP) tokens.

Token swaps, liquidity, provision and farming, staking perpetual trading, lottery, NFT marketplace, and launchpad are the various features that PancakeSwap offers to its users. It is one of the few DEXs that gives users access to a range of financial products in a single interface for a more well-rounded DeFi experience.

Users of PancakeSwap can additionally farm the additional tokens – CAKE and SYRUP. Users can deposit LP tokens, looking them up in a process that rewards users with CAKE. Users can bet CAKE tokens to acquire SYRUP, which also serves as a governance token within the exchange

PancakeSwap (CAKE) Price Prediction 2023

PancakeSwap (CAKE) holds the 65th position on CoinGecko right now. CAKE price prediction 2023 is explained below with a daily time frame.

    CAKE /USDT Ascending Triangle Pattern (Source: Tradingview)

The above chart of PancakeSwap (CAKE) laid out an ascending triangle pattern. The ascending triangle is a characteristic pattern of an ongoing bullish trend. This triangle is formed by a horizontal upper trendline that connects the highs and a lower trendline that connects the rising lows. 

If the trend breaks out at the resistance level, the price will continue to move up in this ascending triangle pattern.

Currently, PancakeSwap (CAKE) is in the range of $4.48. If the pattern continues, the price of CAKE might reach the resistance levels of $5.015. If the trend reverses, then the price of CAKE may fall to $3.141, and $2.473.

PancakeSwap (CAKE) Support and Resistance Levels

The chart below shows the support and resistance levels of PancakeSwap (CAKE).

CAKE /USDT Support and Resistance Levels (Source: Tradingview)

From the above daily time frame, we can clearly interpret the following as the resistance and support levels for PancakeSwap (CAKE).

Resistance Level 1$4.136
Resistance Level 2 $5.492
Resistance Level 3$7.920
Support Level 1 $3.143
Support Level 2 $2.486
CAKE Resistance & Support Level

The charts show that PancakeSwap (CAKE) has performed a bullish trend over the past month. If this trend continues, CAKE might run along with the bulls overtaking its resistance level at $7.920.

Accordingly, if the investors turn against crypto, the price of PancakeSwap (CAKE) might plummet to almost $2.486, a bearish signal.

PancakeSwap (CAKE) Price Prediction 2023 — RVOL, MA, and RSI

The Relative Volume (RVOL) of PancakeSwap (CAKE) is shown in the chart below. It is an indicator of how the current trading volume has changed over a period of time from the previous trading volume. Currently, the RVOL of CAKE lies below the cutoff line, indicating weak participants in the current trend.

CAKE /USDT RVOL, MA, RSI (Source: Tradingview)

Also, the Moving Average (MA) of PancakeSwap (CAKE) is shown in the chart above. Notably, PancakeSwap (CAKE) price lies above 50 MA (short-term), so it is on an upward trend. Currently, CAKE has entered a bullish state. Therefore, there is a possibility of a reversal trend of CAKE at any time.

Meanwhile, the relative strength index (RSI) of the CAKE is 72.62. This means that PancakeSwap (CAKE) is in an overbought state. However, this means a major price reversal of CAKE may occur in the upcoming days. So, traders need to trade carefully. 

PancakeSwap (CAKE) Price Prediction 2023 — ADX, RVI

Let us now look at the Average Directional Index (ADX) of PancakeSwap (CAKE). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. This system attempts to measure the strength of price movement in the positive and negative directions using DMI indicators with ADX.

CAKE /USDT ADX, RVI (Source: Tradingview)

The above chart represents the ADX of PancakeSwap (CAKE). Currently, the ADX of CAKE lies in the range of 50.490 and thus, it indicates a strong trend. 

The above chart also represents the Relative Volatility Index (RVI) of PancakeSwap (CAKE). RVI measures the constant deviation of price changes over a period of time. The RVI of CAKE lies below 50, indicating low volatility. In fact, the RSI of PancakeSwap (CAKE) is at 72.62 thus confirming a potential buy signal.

Comparison of CAKE with BTC, ETH

The below chart shows the price comparison between Bitcoin (BTC), Ethereum (ETH), and  PancakeSwap (CAKE).

BTC Vs ETH Vs CAKE Price Comparison (Source: Tradingview)

From the above chart, we can interpret that the price action of CAKE is similar to BTC and ETH. This indicates that when the price of BTC and ETH increases or decreases, the price of CAKE also increases or decreases respectively.

PancakeSwap (CAKE) Price Prediction 2024-2030

Numerous factors are taken into account when forecasting prices including volume changes, price variations, market cycles, and similar coins. Let’s predict the price of PancakeSwap (CAKE) between 2024 and 2030.

PancakeSwap (CAKE) Price Prediction 2024

If the declining price action completely slows down in momentum and the trend reverses,  PancakeSwap (CAKE) might probably attain $15 by 2024.

PancakeSwap (CAKE) Price Prediction 2025

With several upgrades in the network, PancakeSwap (CAKE) might enter a bullish trajectory. If the coin grabs the attention of major investors, CAKE might rally to hit $21 by 2025. 

PancakeSwap (CAKE) Price Prediction 2026

If PancakeSwap (CAKE) sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 3 years, CAKE would rally to hit $25.

PancakeSwap (CAKE) Price Prediction 2027

If PancakeSwap (CAKE) sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 4 years, CAKE would rally to hit $30.

PancakeSwap (CAKE) Price Prediction 2028

If PancakeSwap (CAKE) sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 5 years, CAKE would rally to hit $35.

PancakeSwap (CAKE) Price Prediction 2029

PancakeSwap (CAKE) holds up a strong stance as a better investment option for the next 6 years amid the trends in the highly-volatile crypto market. By driving significant price rallies, CAKE would hit $38 in 2029.

PancakeSwap (CAKE) Price Prediction 2030

If investors flock in and continue to place their bets on PancakeSwap (CAKE), it would witness major spikes. CAKE might hit $42 by 2030.

Conclusion

With continuous improvements in the PancakeSwap network, we can say that 2023 is a good year for CAKE. For this reason, the bullish price prediction of PancakeSwap (CAKE) in 2023 is $7.920. On the other hand, the bearish price prediction of PancakeSwap (CAKE) for 2023 is $2.486.

Furthermore, with the advancements and upgrades to the PancakeSwap ecosystem, the performance of CAKE would help to reach above its current all-time high (ATH) of $43.96 very soon. But, it might also reach $10 if the investors believe that CAKE is a good investment in 2023.

FAQ

1. What is PancakeSwap (CAKE)?

PancakeSwap(CAKE) is the native utility token of PancakeSwap. PancakeSwap is a decentralized exchange (DEX) native to the Binance Smart chain.

2. Where can you purchase PancakeSwap (CAKE)?

PancakeSwap (CAKE) has been listed on many crypto exchanges which include Binance, Huobi, PancakeSwap, KuCoin, and Bybit.

3. Will PancakeSwap (CAKE) reach a new ATH soon?

With the ongoing developments and upgrades within the PancakeSwap Platform, CAKE has a high possibility of reaching its ATH soon.

4. What is the current all-time high (ATH) of PancakeSwap (CAKE)?

On April 30, 2021, PancakeSwap (CAKE) reached its new all-time high (ATH) of $43.96.

5. Is PancakeSwap (CAKE) a good investment in 2023?

PancakeSwap (CAKE) seems to be one of the top-gaining cryptocurrencies this year. According to the recorded achievements of PancakeSwap in the past few months, CAKE is considered a good investment in 2023.

6. Can PancakeSwap (CAKE) reach $10?

PancakeSwap (CAKE) is one of the active cryptos that continues to maintain its bullish state. Eventually, if this bullish trend continues then PancakeSwap (CAKE) will hit $10 soon.

7. What will be PancakeSwap (CAKE) price by 2024?

 PancakeSwap (CAKE) price is expected to reach $15 by 2024.

8. What will be PancakeSwap (CAKE) price by 2025?

 PancakeSwap (CAKE) price is expected to reach $21 by 2025.

9. What will be PancakeSwap (CAKE) price by 2026?

 PancakeSwap (CAKE) price is expected to reach $25 by 2026.

10. What will be PancakeSwap (CAKE) price by 2027? 

PancakeSwap (CAKE) price is expected to reach $30 by 2027.   

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Disclaimer: The opinion expressed in this chart is solely the author’s. It does not interpret as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

A devoted content specialist who is inquisitive on exploring crypto and blockchain technology. She is fond of providing innovative contents that tugged her to write for NewsCrypto.