Pancakeswap (Cake) has increased by 40 % in the past 24 hours, and its revenues have increased to $ 19 million over the past seven days, only behind Tether, Circle and JuPiter.
The recent price increase comes at a time when the upward technical signals continue to construction. RSI Cake’s has reached its highest level since 2023, while Ichimoku Cloud and EMA indicators indicate more bullish capabilities. Here is what is behind the cake rally and the key levels that must be seen after that.
Pancakeswap RSI has risen to its highest levels since 2023
RSI’s Cake’s currently 89.6, a sharp increase of 25.1 just one week ago, which represents its highest level since November 2023.
This large increase indicates a strong purchase pressure recently, pushing the momentum to extremist lands.
RSI is a momentum that is widely used to measure the speed and size of modern changes in prices.
It ranges from 0 to 100, with readings above 70 are generally at the height of purchase and readings under 30 years.
RSI Cake from 89.6 references until the distinctive symbol is deep in the peak area of the purchase. This may indicate that the price is at risk of short -term correction as merchants may start locking in profits.
However, during strong upward trends, the origins can remain in their arrest for long periods before reflection.
Ichimoku Cloud shows a strong bullish preparation
Cake decisively broke the Ichimoku cloud on the graph, which represents a strong shift to the upward trend.
Through Tenkan-Sen (Line Line) above Kijun-Sen, a classic upscale signal, while the price remains much higher than both lines, confirming the strong momentum.
The future cloud has turned green, indicating that upward feelings can extend in the upcoming sessions.
However, with the price starting now significantly from the cloud and support for Tankan-Sen, short-term correction or unification can occur before further bullish direction.
The cake can rise above 3 dollars soon
Cake’s EMA lines show signs that the golden cross can be formed soon, indicating a potential shift to the continuous bullish trend as the BNB system continues to attract attention.
If this intersection occurs, it may save the momentum necessary for the cake to test the resistance at $ 2.65. The collapse above this level can open the door for more gains, with the following main goals at $ 2.95 and $ 3.41.
However, if the bullish trend fails to keep and fade momentum, although Pancakeswap is still the most dominant Dex in the BNB series, the cake can be recovered towards support at $ 2.33.
The lower level of this level may speed up the correction, with additional risks on the downside of about $ 1.85 and possibly $ 1.38.
Disintegration
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