- CAKE planning to deliver a brand new Syrup Pool/Farm on PancakeSwap
- Nevertheless, days forward would possibly get tougher as metrics and indicators weren’t supportive
PancakeSwap [CAKE] just lately revealed that they’ve been working with Hashflow to deliver a brand new syrup pool and farm to PancakeSwap. Earlier than voting on PancakeSwap, the hashflow should obtain greater than 60% help for the syrup pool and farm.
Hey group members,
Now we have been working with Hashflow to deliver you a BRAND NEW Syrup Pool/Farm on PancakeSwap. For the Syrup Pool and Farm to occur, the vote wants greater than 60% optimistic votes on Hashflow itself, earlier than it may be voted on PancakeSwap. pic.twitter.com/vReAlutILT
— PancakeSwap 🥞 #BSC (@PancakeSwap) November 29, 2022
Learn PancakeSwap’s [CAKE] Worth Prediction 2023-2024
Moreover, CAKE additionally topped the checklist of tasks that had been probably the most seen and trending on CoinMarketCap, and a potential purpose for this could be the aforementioned replace. Aside from CAKE, QUACK and BabyDoge additionally made their place within the high three.
🎉 Most Trending & Considered Tasks on @CoinMarketCap 🔥
🥇 $CAKE @PancakeSwap
🥈 $QUACK @RichQuack
🥉 $BABYDOGE @BabyDogeCoin$DOGE @BabyDogeCoinThe Prime trending cryptocurrencies that persons are trying to find on #CoinMarketCap🔥#BNB #BSC #WEB3 🧬 pic.twitter.com/vBoHEbQ3Ou
— BSCDaily (@bsc_daily) November 29, 2022
With all these developments on the chain, CAKE’s worth motion determined to take the alternative route. As of 30 November, CAKE registered unfavorable day by day beneficial properties. CoinMarketCap’s information revealed that on the time of writing, CAKE was down by practically 1% within the final 24 hours.
Moreover, CAKE was trading at $3.96 with a market capitalization of greater than $622 million. Let’s take a look at CAKE’s on-chain metrics to know what the final weeks of this yr might need in retailer for it.
Is CAKE’s goodwill dwindling?
Santiment’s information revealed that CAKE’s day by day energetic addresses stored declining over the past month. This indicated a decrease variety of customers current on the community. Furthermore, CAKE’s weighted sentiment was additionally significantly decrease, suggesting much less reputation for the token within the crypto group.
Supply: Santiment
Nevertheless, the Market Worth to Realized Worth (MVRV) ratio gave slight hope because it registered upticks. This indicated a worth hike within the coming days. Moreover, CAKE’s burn charge was optimistic, with over 6 million CAKE tokens price $27 million burned.
Supply: Santiment
Can the market indicators give reduction?
A lot of the market indicators additionally painted a bearish image for CAKE, which recommended that traders might need a tough time forward. As an example, the Chaikin Cash Movement (CMF) registered a steep downtick, which was bearish.
Furthermore, the Exponential Shifting Common (EMA) Ribbon revealed that the bears had the higher hand out there because the 55-day EMA was resting above the 20-day EMA. Nonetheless, CAKE’s Relative Power Index (RSI) supplied some much-needed reduction by going up throughout the previous few days. This could possibly be an indication of a worth surge within the coming days.
Supply: TradingView
