PancakesWap, the native token of the same name, has excellent weekly performance and is the second cryptocurrency with the highest growth in the top 100 capitalisation of the digital asset market.
As explained by Cryptonoticia, Pancakeswap is a distributed exchange (DEX) BNB chainnetworks created by Binance, and also work with Ethereum, suitable, base, arbitra, etc.
Over the past seven days, Cake’s price has grown from $1.16 to $2.70, representing an increase of over 50%.
At the time of publication of this memo, the Panckeswap token priced at $2.42, 94% below the history of $44.18.
On your climb, Cake turns his face to historical resistance at a level of nearly $3 (and still unsurmountable).
As explained in the Cryptootic Educational section of Cryptopedia, the term “resistance” is used to define the roof or level in which the price of an asset cannot be easily overcome.
Market psychology means that these levels or areas are usually repeated in the same history of the assets, in this case, in cake.
It is worth clarifying that once resistant levels have been converted to support.
This is if the price of the cake continues to win the impulse You can integrate support in the $3 area and then go looking for $4 resistance.
For cryptocurrency market analyst known as @BoboBtC on X, if Cake confirms support in the $2.40 region, he is ready to experience a powerful bullish movement with asset prices above $3.
Financial market specialist Bruce NG is one of his latest reports: Cakes are one of the most underrated tokens on the market.
To reach this conclusion, use a price range metric (P/E) that compares market capitalization from 30-day DEX fees.
A high P/E suggests that DEX can generate good revenues related to market value and can be underestimated. On the other hand, a low P/E indicates a low income proportional to its capitalization. This is a sign of a possible overestimation.
Well, it’s time to analyze the events that took place last week. It created a bullish impulse in the cake quote.
Increased activity
According to data from Defillama, Pancakeswap has recorded $2,123 million in operation in the last 24 hours and $13,558 million in the last seven days. In this way, it outweighs uniswap from Solana’s Ethereum and Raydium.
The increase in activity at Pancakeswap is partly due to the revival of memokine in the BNB chain. This was possible thanks to the launch of the Four.me or Springboard platform, as well as the Pump.fun de Solana.
They are low-cost, memokine creation platforms and do not require any knowledge of computer science.
Last March 13th, Mubarak (Mubarak) has been released. This is a token created on the 4.ME platform, which is mainly negotiated in Pancakeswap And his name refers to the Arabic “Mubarak.” This means “blessed” or “happiness” and is commonly used to express a good wish in celebrations such as the end of Ramadan.
According to Lookonchain Data, on March 16, Binance founder Changpeng Zhao (CZ) converted 1 BNB ($600 at the time) to 20,150 Mubarak.
The amount exchanged is not important, but CZ’s participation gave Mubarak more visibility and attracted more investors. Furthermore, this operation promoted the volume of Pancakeswap and increased DEX activity.
Meme Cryptocurrency currently has a market capitalization of $130 million. meanwhile Its price reached a maximum of $0.21.
According to Coingcko data, on March 20, Pancakeswap registered a daily dose of $727 million, of which 59 million (8%) came from Mubarak.
The launch of Memocoin coin coincided with the enthusiasm created by $2,000 million investment from MGX investment companybased in Abu Dhabi and is based in Binance-related projects, including Pancake Wap.
Despite this news, the cake price is still far from his ass It seems difficult to get back to those levels in the short term.
First, markets still do not support risky assets such as Bitcoin (BTC) and cryptocurrency, as they continue to surpass rumors of a recession in the US economy and the moment of uncertainty about the Federal Reserve’s decision to keep interest rates at 4.50%.
Secondly, it is important to be aware of the market. He hasn’t passed “defi-mania” like in 2021.
Today, the Shining Story is cryptocurrency based on artificial intelligence (AI) and real world asset tokens (RWA).
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