- Pancakeswap ranked 2nd within the checklist of high BNB initiatives with highest social engagement
- Growth exercise and social dominance up
Pancakeswap [CAKE] just lately made it to the checklist of high BNB initiatives with the best social engagement, solely behind QUACK. This was a promising improvement because it mirrored CAKE’s reputation within the crypto trade.
🎉TOP #BNBCHAIN Initiatives with Highest Social Engagement🚀$QUACK @RichQuack$CAKE @PancakeSwap
$BABYDOGE @BabyDogeCoin$FLOKI @RealFlokiInu$SFM @safemoon$SFUND @SeedifyFund$SFP @iSafePal$YOOSHI @yooshi_official$DOME @Everdome_io$CATE @catecoin$VOLT @VoltInuOfficial#BNB🔥 pic.twitter.com/uu0FK5OWwQ— BSCDaily (@bsc_daily) November 14, 2022
A potential purpose for this replace might be CAKE’s new partnership with Celer Community. This new collaboration will now permit customers to supply liquidity to Pancakeswap and harvest CAKE on the BNB Chain.
We’re past thrilled with our partnership with @CelerNetwork.
Final month, we launched Cross-chain farming via their inter-chain messaging
— PancakeSwap 🥞 #BSC (@PancakeSwap) November 14, 2022
A lot of the cryptocurrencies out there struggled to extend their worth over the previous few weeks. Moreover, due to the bearish market, CAKE’s worth additionally registered a decline. In keeping with CoinMarketCap, CAKE registered a 15% weekly drop.
Moreover, according to the above-mentioned infromation, a couple of of the metrics additionally stood in favor of the consumers.
Learn Pancakeswap’s [CAKE] Worth Prediction 2023-24
A very good shopping for alternative?
CryptoQuant’s data revealed that CAKE’s stochastic was in an oversold optimistic. This might be an enormous bullish sign, opening a brand new alternative for buyers to build up.
Not solely that, however Santiment’s chart additionally indicated that issues may flip in CAKE’s favor quickly. CAKE’s improvement exercise elevated dramatically final week. This might be thought of as a superb signal as a result of it indicated elevated effort by builders to enhance the community.
CAKE additionally remained fairly fashionable in the neighborhood as its social dominance spiked these days.
Supply: Santiment
CAKE’s NFT house confirmed some attention-grabbing motion as its complete NFT commerce depend together with commerce quantity in USD registered an uptick. Nevertheless, later within the week, the commerce depend witnessed a decline.
Supply: Santiment
Some unavoidable considerations
Regardless of the metrics being on CAKE’s facet, market indicators revealed a very totally different story. As per market indicators, bears had an enormous benefit over the bulls out there.
The Cash Move Index (MFI) was resting approach beneath the impartial mark, a destructive sign. The Transferring Common Convergence Divergence (MACD)’s studying additionally complemented that of the Cash Move Index (MFI) and steered sellers’ edge out there.
The Exponential Transferring Common (EMA) Ribbon displayed a bearish crossover, additional rising the possibilities of a continued downtrend within the coming days. All these indicators, when coupled with the Bollinger Bands findings., indicated that CAKE’s worth was in a excessive volatility zone. This steered that buyers may need to attempt a bit longer for higher returns.
Supply: TradingView
