After the massive pullback during the previous day’s trade, the crypto markets are consolidating and trying to accumulate strength. In due course, most of the tokens have been painted green but some are close to achieving a milestone. BinanceCoin, the top fourth coin according to the market cap, has soared past $600 and is just 11% below its current ATH of $690.93. The traders appear to be extremely vigilant at the moment, as the bulls have been displaying acute strength at the moment.
The BNB price is trying hard to surpass the ‘key resistance’ that collides with the last resistance before forming a new ATH. As expected, the bears are trying to capitalize on the opportunity, but at the same time, the bulls are also exhibiting immense strength as market sentiments are extremely bullish. However, the DMI raises some concerns about a minor pullback but the accumulated buying pressure may ease the bearish pressure to some extent.
Will PancakeSwap (CAKE) Price Follow the Suit?
A popular DeFi token has been manifesting acute strength over the past few days and is believed to follow the BNB price rally very soon. Pancakeswap, Binance’s DeFi platform, has been making waves nowadays as its native token, CAKE, has been performing extremely well. The price has soared more than 350% from its lows close to $1 and more than 70% since the beginning of the month. Hence, it is believed that the DeFi token may follow the BNB price and achieve a new ATH in the coming months.
The CAKE price is trading within a rising parallel channel and rebounded from the lows to reach the average levels of the channel. The RSI is maintaining an ascending trend and has reached the upper threshold, suggesting a minor pullback could be on the horizon. Therefore, the CAKE price could slide slightly from $4.2 to $4.25 levels, which may attract significant buying volume and reach levels above $7.3 very soon.
Risk Disclaimer
Although Sponsored Trading can be profitable, it is associated with a significant risk of losing your investment. The risks will increase when trading on margin companies. Traders must exercise due diligence and be careful when making their trading decisions. It is the sole responsibility of the Trader to learn and acquire the knowledge and experience required to use the Trading Platform and anything that will be required to trade properly.
