PancakeSwap Price Prediction 2021 – Will CAKE Hit $25 Soon?

PancakeSwap Price Prediction 2021 - Will CAKE Hit $25 Soon?
  • Bullish CAKE price prediction ranges from $14.47 to $24.45.
  • CAKE price might also reach $25 soon.
  • CAKE bearish market price prediction for 2021 is $9.10.

In PancakeSwap (CAKE) price prediction 2021, we use statistics, price patterns, ADX, and much other information about CAKE to analyze the future movement of the cryptocurrency. 

Pancakeswap (CAKE) is a decentralized finance (DeFi) application that enables users to exchange tokens, providing liquidity through farming and earning fees in return. PancakeSwap allows users to trade BEP20 tokens, provide liquidity to the exchange and earn fees, stake LP tokens to earn CAKE, stake CAKE to earn more CAKE and Stake CAKE to earn tokens of other projects.

According to CoinGecko, PancakeSwap (CAKE) price is trading at $13.97 with a 24-hour trading volume of $336,957,003, at the time of writing. However, CAKE has decreased by 8.51% in the last 24 hours.

Moreover, CAKE has a circulating supply of 200,380,422.56 CAKE. Currently, CAKE trades in cryptocurrency exchanges such as Binance, CoinTiger, FTX, BitWell, and HitBTC

PancakeSwap (CAKE) Price Prediction 2021

PancakeSwap (CAKE) holds the 38th position on CoinGecko right now. CAKE price prediction 2021 explained below with a daily time frame.

CAKE/USDT Price Chart Daily Time Frame (Source: TradingView)

A falling wedge is a bullish pattern that starts at a high and contracts as the price falls. However, this price movement formed a downward cone. When the highs and lows of a trend converge. This shows that due to the huge volume of trade during this time, the price of CAKE will continue to rise and in the near future it will surpass its all-time high price ever.

In the daily time frame chart, it is possible for the CAKE to reach $21.60 if the bull trend continues. Or else, if the price of the CAKE breaks the resistance level of $16.23, it will fall to the next support level at $10.89. So, the trend of the CAKE is based on the breakout.

PancakeSwap (CAKE) Support and Resistance Level

The below chart shows the support and resistance level of CAKE.

CAKE/USDT Support and Resistance Level (Source: TradingView)

From the above daily time frames, it is clear the following are the resistance and support levels of CAKE.

  • Resistance Level 1 – $14.47
  • Resistance Level 2 – $16.44
  • Resistance Level 3 – $19.75
  • Resistance Level 4 – $24.45
  • Support Level 1 – $10.89
  • Support Level 2 – $9.10

The charts show that 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 $24.45.

Conversely, if the investors turn against the crypto, the price of CAKE might plummet to almost $9.10, a bearish signal.

PancakeSwap (CAKE) Average Directional Index (ADX)

Now let’s look at the average directional index (ADX) of CAKE. ADX helps traders to  determine the strength of a trend, not its actual direction. It can be used to determine if the market is changing or if a new trend is starting. However, it is related to the Directional Movement Index.

Moreover, the oscillators range from 0 to 100. In addition, a high value represents a strong trend, while a low value indicates a weak trend. It is often used in combination with direction indicators. 

CAKE/USDT ADX(Source: TradingView)

The above chart shows the ADX of CAKE stays above the range of 12.2, so it indicates a weak trend.

Conclusion

CAKE is one of the cryptos that keeps its ground against the bearish market. Furthermore, our long-term CAKE price prediction 2021 is bullish. It has a huge possibility of overtaking its current all-time-high (ATH) of $43.96 this year. However, this will only happen if CAKE breaks many past psychological resistances.

Furthermore, with the ongoing developments and upgrades within the CAKE ecosystem, it could experience a great future ahead in 2021. It may reach $24.45 soon and it might even reach high heights, however reaching $25, if investors have planned that CAKE is a good investment in 2021.

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

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